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You are at:Home»Finance»Bigger problems may still await mortgage borrowers
A Row of Houses in the England

Bigger problems may still await mortgage borrowers

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Posted By sme-admin on December 15, 2021 Finance, News

Ahead of the Bank of England’s interest rate decision tomorrow (16th December), Simon Broadley, Managing Director at Tenet Mortgage Solutions, suggests bigger issues for UK mortgages could be on the horizon:

“Until the last couple of weeks, an interest rate rise felt almost inevitable. So much so, that many mortgage lenders have already priced in such a rise. This means that even if the Bank pulls the trigger, and regardless of what Omicron does to the MPC’s festive plans, mortgage rates on the whole should be effectively protected – for now.”

“For many people though, this is their first experience of rate changes, and with inflation a growing possibility, concerns are rising that rock-bottom interest rates and homeownership could become targets. Whilst many of these homeowners are on fixed-rate mortgages and so won’t feel an immediate hit, we remain on the verge of significant market change. The sucker punch could come later as inflation pressures normalise.”

“Only time will tell what impact this has on house prices. However, a lack of housing stock, rising lockdown savings and a continued appetite for homes outside of cities mean this year’s market could stubbornly roll on regardless.”

 

About Tenet

Tenet is a multi-award-winning financial adviser support group, providing an extensive range of services to hundreds of appointed representatives and directly authorised financial adviser firms across the UK. They have over a quarter of a century’s worth of experience, £32m net assets, significant cash reserves and three institutional shareholders (Aviva, Abrdn & Aegon).

www.tbcardew.com 

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