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Financial Blog

What does BREXIT mean for mortgages?

Against the predictions of thousands, the UK has voted to leave the EU. But what does this mean for home owners and home buyers?

In Sussex Brighton & Hove voted 2:1 to remain, along with Mid Sussex, who were also in the ‘remain’ camp. Worthing, Adur and Chichester voted leave and here at Number One Mortgages, we predicted an overall remain vote for the Country.

It was of course a marginal victory for BREXIT, and assuming the government go ahead and invoke article 50 when a new Prime Minister is appointed, and don’t choose to hold a second referendum (which 2 million people have signed a petition in favour of), then we believe the Country should brace itself an uncertain period.

BREXIT MORTGAGE RATESIf you have a mortgage the word ‘uncertain’ isn’t going to feel very positive, but for better or worse there is little you can do to affect the situation. I’m in the process of buying a house and I’m operating with a typically British ‘Keep Calm and Carry On’ attitude.

Existing Fixed Rate Holders

If you have a fixed rate mortgage with two or more years left, then you’re probably best off waiting until your initial term is over, as you would more than likely incur significant early repayment charges. However, if your current deal is coming to an end this year then looking for a new deal sooner rather than later may be the best way to go, especially if you’d like the security of knowing what your monthly repayments are going to be.

 

Tracker or Variable Rate Mortgage Holders

Now would be a very good time to speak with an adviser. Our advisers are constantly receiving up-to- date advice from lenders and are in an excellent position to talk you through your current position no matter how events unfold over the coming weeks. There has been increased mortgage competition in the first half of this year and there is no guarantee that these deals will remain available. Acting now is the best way to ensure you get access to today’s best deals.

What you can take control of is making the best possible financial decisions with regards to your mortgage, and our expert advisors are here and happy to assist you in that process.

So contact us here at Number One Mortgages for a friendly chat, so you can ‘Saddle up Sussex’ and gallop into the coming years knowing you’ve made the best mortgage decisions for you and your family.

Whether you’re a first time buyer, existing homeowner, buy to let landlord or considering a remortgage, we can help you find the right product for your circumstance. Call the team on 01273 736536 or email us  or enquire via the website.

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