The past six months have seen some major changes to international money markets and even our own wallets. Petrol prices at the pumps have dropped significantly and a renewed round of supermarket price cuts is leading to more disposable income for many. Yet the Greek election and European negotiations over their debt repayment plans, complete with renewed nervousness over a possible Greek exit from the Euro have led to increased uncertainty.
All this has impacted interest rates, with rates now predicted to remain lower longer than expected. In his latest Inflation Report, Bank Governor Mark Carney suggested rates will not rise until Spring 2016.
This means that mortgage rates have also been falling – particularly across five and ten year fixed rate terms. Rates are at record lows and homeowners can fix for two years at just over one per cent and up to ten years at less than three per cent. If you are not locked in to a long term deal, now may be the best time to remortgage and secure a low rate for years to come.