Sometimes it’s difficult to refer to economic news without sounding like you are blowing a political trumpet and it’s even more difficult in the week after a General Election, but there is plenty of good news for everybody.
UK Unemployment figures were announced. With fewer people out of work and more in work we now have less than 6% unemployment – the lowest figure in seven year. This is against a backdrop of small but steady wage increases.
At the same time, March’s inflation rate was 0% – the second month that this has happened.
Looking at interest rates, we have now been living with a base rate of 0.5% for over 6 years and we now have the cheapest mortgage rates ever, and The Governor of The Bank of England, Mark Carney, has said that he does not expect to see interest rates rise for another year.
Low interest rates are very attractive for borrowers, but not so good for savers, especially retired people needing to supplement their income with interest from deposit accounts. This economic news presents different challenges and opportunities depending on your personal requirements, but right now, with Spring in the air, there may have never been a better time to look at your mortgage or re-mortgage options.
Our in house mortgage consultant, Claire Allison can answer your queries and guide you through the mortgage and re-mortgage maze and give helpful advice on credit scoring.
If you would like more information, please contact us >>