Mortgage rates are set to rise in response to the widely predicted base rate increase in the coming months. Many lenders have already increased rates on some products, and more are expected to follow. This means that sub 1% mortgage rates may not be around for much longer.
Some of the lenders who have already introduced higher rates include Natwest, Nationwide and TSB. This has therefore set the tone for other lenders in the market. However, many lenders are yet to introduce increases.
The news comes as a big blow to many people looking to purchase a new property, particularly landlords and other investors.
In light of this, many people may consider locking in a mortgage now to take advantage of rates whilst they at these historic lows.
How can The Loans Engine help?
The Loans Engine is a finance broker who provides a range of secured loan products, which allow people to get funds for certain purposes. One common use of this borrowing is for deposits to purchase additional properties.
These loans are particularly popular with landlords who are looking to expand their property portfolios. Essentially, they take out a secured loan to raise the funds needed to put down a deposit to purchase another buy to let property.
Secured loans take a property you own as security, and so landlords may use a buy to let property they own or even their entire portfolio to secure the loan. However, residential properties can also be used.
One thing that Landlords are often surprised by, is that the funds raised can also be used for refurbishments to other properties in their portfolio, or indeed to complete improvements to their personal residence. In fact, the monies can be used for most legal purposes, whether business related or personal i.e. debt consolidation.
Being a specialist in the industry means that The Loans Engine has access to a variety of products with particularly flexible and unique criteria. Therefore, they can help a diverse range of customers in different circumstances.
One area the company can assist with is when customers have bad credit, including those with late or missed payments, CCJ’s, mortgage arrears and defaults.
In summary, this means that the company is well equipped to help people looking to get funds in order to lock properties in before mortgage rates rise.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
The Loans Engine is a trading name of Central Loans Limited. Authorised and Regulated by the Financial Conduct Authority. Firm Reference Number 708606. To learn more about The Loans Engine’s offering, go to https://www.theloansengine.co.uk/secured-loans/.
