Buy now or wait? It all depends, says leading mortgage provider mortgages.online
House buyers face a difficult choice on whether to move now or wait following yesterday’s interest rate announcement, according to leading mortgage provider mortgages.online
‘Whilst interest rates remain unchanged, and long term mortgage rates continue to be very attractive for borrowers,’ says Paul Flavin, CEO of mortgages.online ‘the comments from the Governor of the Bank of England, and the central forecasts for house price valuations underline that the economic uncertainty is such that only those buyers looking at house buying as a long term investment should be signing the contract now. But for those with that long term life cycle vision, then don’t be put off by the pessimists.”
Paul Flavin draws the comparison with people’s buying habits on car purchases. ‘When we buy a car, our first consideration is not what its value will be in two year’s time. It is much more around whether we will enjoy it, and whether we can afford it. For long term residential buyers the same approach should apply.’
Mortgages.online are still seeing strong demand for mortgages despite the Brexit uncertainty, and the latest mortgage lending numbers indicate that the appetite for house buying remains healthy.
‘It’s not just in the housing market that some clarity on Brexit would be very welcome, but we should not let our lives to be run by it. The fact of the matter is that mortgage rates remain very attractive, with no real expectation of a material increase in the near term. Affordability is the most important consideration when taking out a mortgage, and that is what borrowers should be concentrating on,’ Paul Flavin maintains.