Britain’s recent decision to leave the European Union has left a lot of things up in the air, not least house prices and interest rates.
While it’s true that a lot of things are uncertain, the key thing to stress is not to panic! As has always been the case, it’s important to be calm and rational when it comes to big financial decision such as mortgages and don’t do anything without giving it a good degree of thought.
Firstly, it’s reassuring to see that the Bank of England has opted against cutting interest rates, and while this could still change in the months to come, it’s perhaps an indicator that the economy is stronger than we initially thought.
But recent research has shown that there has been a sharp slowdown in house transactions in London following the referendum.
While this is cause for concern, it’s important to note that house prices have remained relatively steady in the affordable areas of London, and those areas where prices dropped across the rest of England and Wales do seem to be bouncing back after initial falls.
Reviewing Your Finances
Regardless of the political landscape, it’s good practice to keep regularly reviewing your finances anyway as your personal circumstances, so we’d recommend taking stock now just to be safe.
This means reviewing your mortgage and looking out for any potentially better deals that might available on the market at the moment.
It might also be an idea to check up on what kind of protection you have in place if your personal circumstances were to change, regardless of the referendum result.
If you are considering taking out a mortgage, it’s a good time to lock in a fixed-rate one as they’re at an all-time low, and if you have a sizeable deposit of around 35%, you get some extremely low rates.
Search Mortgage Solutions
As time passes by we’ll all get a better idea of what Brexit is going to mean for your finances, and at the moment it might be best to hold fire on making any rash decisions.
However, if you are worried about your situation whatsoever, don’t hesitate to get in touch with us here are Search Mortgage Solutions.
Whether you wish to meet us in person or arrange a phone call, we’d be happy to explore your options with you and look into seeing if we can find you a mortgage deal which will suit your lifestyle better than your current one, especially during these uncertain times.