There is no better time to get a mortgage than now as nobody knows for sure what is going to happen to rates in coming weeks or months. What we do know is that fixes and trackers are currently at all-time lows.
We also know that the private banks we have spoken to all confirm that their appetite, pricing and lending policy is exactly the same as it was before the outcome was known and they don’t expect that to change over coming weeks or even months.
Those borrowers who want security may wish to opt for a fixed rate as this will give certainty for at least a couple of years which will see us through some of these unchartered waters. Two-year fixed rates are pegged from an incredibly low 0.99 per cent for two years while five-year fixed-rate deals start at 1.99 per cent.
Those who can afford to be wrong – that is if rates rise they could still afford to pay their mortgage – may wish to opt for a base-rate tracker, perhaps with no early repayment charges so they could switch to a fix were interest rates to start rising. Rates start from 0.89 per cent above bank base rate, giving a pay rate of 1.39 per cent.