With Brexit now delayed until the last quarter of 2019 many homeowners, with mortgages, are highly concerned about the effect on Brexit when it comes to the cost of their monthly mortgage payments.

As an independent mortgage broker, we keep a keen eye on the mortgage marketplace, both in our local areas (Greenwich, Brockley, Eltham, Charlton – South East London generally), and nationally. After all, we are a national mortgage brokerage so why wouldn’t we!

What we are presently seeing is a big spike in re-mortgage applications as homeowners are confident that post-Brexit interest rates are likely to rise and therefore want to lock-into a deal now.

Whilst I can’t be certain of this fact (interest rates rising post-Brexit), there are many considerations when it comes to the future of the UK’s interest rates.  If the housing market goes bonkers then there is a chance the Bank of England will increase rates to control this which in turn will increase lending rates. There is also commercial consideration with mortgage lenders competing against their peers and having to compete on rates along with loan-to-values (LTV), especially at higher LTV’s – this is great for those whose property values have not increased or are simply on a high LTV mortgage.

We are finding that we can start the re-mortgage process up to 6-months before the expiry of an existing product meaning that borrowers will be assured that their new rate is locked-in, meaning they can account for their financial future.

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