There have been a lot of rumours around about mortgage rates and what has happened to them and what may happen moving forward.
We at Professional Contractor Mortgages have investigated this in detail and can provide our considered opinion.
Mortgage rates in general are a little higher than before the pandemic and this is in no small part to the Lenders looking to recoup a little of the considerable losses, they have suffered over the previous 9 months.
Rates at 90% loans to value are appreciably higher than before. Many Lenders are yet to re-enter the 90% mortgage market in earnest and therefore there is little competition in this space to force down pricing.
As Lenders move into 2021 and the pressures on their service standards decrease then we fully expect 90% mortgages to become more freely available. In turn, renewed competition should start to drive competition with rates.
Now is the right time to speak with a Senior Mortgage Consultant at Professional Contractor Mortgages whether you are looking to remortgage or purchase to ensure you are in the best possible position.