Record low mortgage rates makes now the time to buy

Mortgage rates have fallen to record lows in 2016, with borrowers accessing the largest number of products since 2008, according to new research by the Mortgage Advice Bureau.

With the Bank of England unlikely to raise the UK Bank Rate anytime soon following a unanimous decision earlier this year by the Monetary Policy Committee (MPC) to keep it at 0.5pc for an 84th consecutive month, low mortgage rates are expected to continue.

The data is good news not just for prospective homebuyers but also those looking to remortgage to a better rate. Falling rates are helping to ease the impact of rising house prices on borrowers and lower their monthly repayments.

The research also showed that borrowers are continuing to benefit from a growing selection of products over the past 12 months, with increased competition between lenders – all good news for the buyers! 

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