Mortgage Advice
Erin Ryan Given that the decision to be made by the Bank of England's monetary policy committee (MPC) on whether to raise, lower or keep interest rates the same is likely to have a "massive impact" on the choice of products available on the market, first-time buyers have been advised to seek the help of a mortgage advisor to ensure they secure the best deal. According to Andy Pratt, chief operating officer for independent mortgage advisor Alexander Hall, a base rate fall could prompt significant change in the mortgage market as some lenders adjust their own base rates while others will be tempted to keep theirs the same. Mortgage advisers will be able to keep track of these changes and inform first-time buyers of their most viable options, Mr Pratt suggests. "Everybody should take independent financial advice, particularly around mortgages," he commented. "At this point in time, when there's a lot of uncertainty, I think it's absolutely imperative - more so than ever - that a client should seek somebody with an impartial view. "[Brokers] can provide mortgage advice across an independent range of products," Mr Pratt continued. "That's important because, at the moment, products are changing quite a lot. I think a lot of people are waiting to see what happens with the monetary policy committee this week, and after that we're going to get a flurry of change; not all lenders are going to follow the base rate down if it does move." The base rate is currently set at 5.75 per cent, with the last three decisions all having been to keep the rate the same. About the Author
Erin Ryan is a freelance writer for First Rung Now Erin Ryan may be contacted at http://www.think.eu. Click here to view more articles by Erin Ryan. Reprinted with Permission from IdeaMarketers.com
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