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Falling mortgage rates should spur on buyers, say Hertfordshire estate agents

Hertfordshire estate agents, including Winkworth, are heralding one of the most affordable and accessible mortgage markets for years. This makes the purchase of a property for sale in Hertfordshire more attainable, with interest rates remaining at their record low of 0.5% and mortgage rates falling. While the rate of interest (set by the Bank of England) is a separate entity to mortgage rates (set by the lender), the former does have an impact on the latter, so when interest rates rise, mortgage rates tend to follow. However, for now, both rates remain at fantastically low levels. Lower mortgage rates mean lower monthly repayments, as the interest amount calculated on the borrowed sum falls. Despite Bank of England Governor, Mark Carney, intimating that interest rates have to rise at some point in the near future, the 'swap rates' - the interest rates that lenders use to price home loans - have been on a downward trend and this has been passed on to borrowers in the shape of lower mortgage rates. This news is heartening for anyone thinking of buying a property for sale in Hertfordshire with a mortgage. Many of the top lenders, including Metro Bank, Halifax, Barclays, Nationwide Building Society, HSBC, Virgin Money, Skipton Building Society and Norwich & Peterborough Building Society, have reduced their mortgage rates and the element of competition is creating a very competitive marketplace. Interestingly some lenders, like Virgin Money, are releasing new mortgage products that allow borrowers to fix in to the low rates of mortgage interest for longer spells - in this case up to six years. This is a popular choice among borrowers nervous about a change in interest rates, as it guarantees the same monthly payments for a long duration. Winkworth is pleased to announce that as well as a period of stability in the mortgage market, the Hertfordshire property market is performing well, with a healthy number of buyers and sellers resulting in free-flowing transactions. We have properties for sale in Hertfordshire across all the main areas, including St Albans, Elstree, Barnet, Hitchin, Radlett and Borehamwood. Please contact Winkworth Hertfordshire estate agents today if you are looking to buy a property or have a home to sell in the county.

Hertfordshire estate agents, including Winkworth, are heralding one of the most affordable and accessible mortgage markets for years. This makes the purchase of a property for sale in Hertfordshire more attainable, with interest rates remaining at their record low of 0.5% and mortgage rates falling.

While the rate of interest (set by the Bank of England) is a separate entity to mortgage rates (set by the lender), the former does have an impact on the latter, so when interest rates rise, mortgage rates tend to follow. However, for now, both rates remain at fantastically low levels.

Lower mortgage rates mean lower monthly repayments, as the interest amount calculated on the borrowed sum falls. Despite Bank of England Governor, Mark Carney, intimating that interest rates have to rise at some point in the near future, the 'swap rates' - the interest rates that lenders use to price home loans - have been on a downward trend and this has been passed on to borrowers in the shape of lower mortgage rates.

This news is heartening for anyone thinking of buying a property for sale in Hertfordshire with a mortgage. Many of the top lenders, including Metro Bank, Halifax, Barclays, Nationwide Building Society, HSBC, Virgin Money, Skipton Building Society and Norwich & Peterborough Building Society, have reduced their mortgage rates and the element of competition is creating a very competitive marketplace.

Interestingly some lenders, like Virgin Money, are releasing new mortgage products that allow borrowers to fix in to the low rates of mortgage interest for longer spells - in this case up to six years. This is a popular choice among borrowers nervous about a change in interest rates, as it guarantees the same monthly payments for a long duration.

Winkworth is pleased to announce that as well as a period of stability in the mortgage market, the Hertfordshire property market is performing well, with a healthy number of buyers and sellers resulting in free-flowing transactions. We have properties for sale in Hertfordshire across all the main areas, including St Albans, Elstree, Barnet, Hitchin, Radlett and Borehamwood. Please contact Winkworth Hertfordshire estate agents today if you are looking to buy a property or have a home to sell in the county.

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