Nigel Tennant from Mortgage Advice Bureau in partnership with Barbers comments on the latest Bank of England base rate decision.
No-one expected the central policy setters to make any changes to the Bank Base Rate during their July meeting in spite of inflation being at close to 5%. No-one could accuse the Monetary Policy Committee (MPC) of inconsistency, as for the 28th consecutive month they have once again retained the bank base rate at 0.5%.
The economy has grown by a less than impressive 0.1% in the three months to the end of June and this, together with a continued squeeze on household incomes arising from the unrelenting rise in the cost of living, will have been a factor in determining that the economy is not yet in a position to cope with any increase in the cost of borrowing.
Notwithstanding the wider economic climate, mortgage lenders are doing their best to offer new and existing borrowers some very competitive mortgage products. Moneyfacts recently commented that 2, 3 & 5 year average fixed rates having reached all time low levels.
Average mortgage rates for 2 and 5 year fixed rates have fallen back further in July from June by 0.08% and 0.28% and now stand at 4.36% and 5.16% respectively. Average 2 year tracker rates picked up marginally to 3.50% in July, recording a small rise of 0.12% from June, but still below where they were at the same point in 2010.
Lenders continue to show a greater appetite to lend by increasing the number of products to an average of more than 7,400 during June, an increase of more than 3% over May. This increase in supply and product choice provides some positive news for new and existing borrowers alike and means that those buyers and remortgage customers looking to enter the market even in this tough economic environment, can do so, knowing that this is one element of their spending where costs for many are falling.
Nigel is from Mortgage Advice Bureau in partnership with Barbers. For further information on how the latest base rate decision affects you, please call 01952 221200 or email n.tennant@barbers-online.co.uk or click here to visit to Mortgage Advice section of our website.
Your home may be repossessed if you do not keep up repayments on your mortgage. A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £95.
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I would definitely recommend Barbers. Their staff are very helpful, reassuring, have all the answers to your queries, keep you advised throughout the transaction and extremely professional. They...
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Very prompt, efficient service. Property particulars and photographs led to a very quick sale. Mrs D - January 2020
Quick Sale
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Property was well valued. All the staff were knowledgeable, polite and friendly .They knew their market and made selling our house a stress-free event . We would certainly not hesitate to use them...
Excellent service
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Barbers of Market Drayton are a great team of proactive professionals. Selling and buying properties can be extremely stressful in the wrong hands but the team at Market Drayton really do go out...
Mrs S - September 2019
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I ask you to pass on my very grateful thanks to you all for making it look easy to sell a home and then buy another. That takes a bit of skill. And all done with cheerfulness and...
Mrs W - September 2019
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Could we also just add that your accompanied viewer (Suzanne) Is marvellous. This is the second time we have viewed with her and she's a credit to Barbers Estate Agent. She's very welcoming and...
Ms J - September 2019
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Super helpful, efficient and experienced team. Very impressed with their service and approach. Mr & Mrs H - May 2019
Mr & Mrs H
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Barbers have provided an excellent service, they have been very efficient. I was more than happy with the way my property was marketed, they gave useful advice and all comments from viewers were...
Mrs R
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They sold the property very quickly and dealt with my and the buyer's concerns in a very efficient and professional manner. They are always helpful and responsive. One of the reasons for choosing...
I was delighted with the service received.
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Excellent service from Barbers - both a purchaser and a seller. Very clear communication; all staff are friendly, helpful, have a good sense of humour and willing to give 100%. I wouldn’t...
Excellent service from Barbers
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I found Barbers, pleasant efficient helpful and proactive. All staff were excellent all aspects of the service was explained to me and showed staff showed empathy as it was a stressful time for...
Pleasant, efficient, helpful and proactive.
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Barbers restored my faith in estate agents. T hey arranged all the viewings, rang with feedback & recommended tradesmen when needed. When I needed advice not always related to...
They restored my faith in estate agents.
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Excellent Service!! A* Team. Very friendly and dedicated to their jobs. Julie Armstrong went above and beyond and deserves a medal. Brilliant at what they do and I absolutely love my new...
Excellent Service!! A* Team
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Barbers delivers fantastic service through a team that is knowledgeable, friendly, and customer-focused. Having both sold through them and bought my onward property through them, I could...
My first and only choice for my next move!
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Thank you all so much for overseeing the sale of our house and also helping me find a new, temporary place to live! Your efficiency, friendliness, professionalism, reassurance and kindness has...
Mrs Hadebe
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This was the best decision I ever made. Jess was amazing and patient with me. Everything was clear and pain free. I would use this service again - highly recommended. Miss Cox – Vendor...
Modern Auction Method
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The Barbers team at the Wellington branch are polite and friendly. They kept me informed and responded to queries quickly and coherently. Their behaviour was exemplary and I felt reflected the...
To treat everyone as you would expect to be treated yourself
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Thank you for all your help and patience. You have made the moving process a lot less stressful for us. Ms H, Shrewsbury
Thank you for all your help and patience
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The agent did accompanied viewings as the property was empty and being disposed of by relatives after probate. They liaised and negotiated well with me and the vendor, and provided support and...
The agent did accompanied viewings as the property was empty
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No hassle, Barbers were fantastic. Will use again should I ever move. Listed in The Property Ombudsman Survey for Barbers Wellington/Telford Branch
No hassle, Barbers were fantastic
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The service was very good. We would recommend them to others. Listed in The Property Ombudsman Survey for Barbers Wellington/Telford Branch
The service was very good.
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Initial contact professional and fully understanding of our needs. Always available and acquainted with the ever changing services. Good team effort from all those involved in the transaction....
Initial contact professional and fully understanding of our needs
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Information was accurate. Guarantees about seller leaving property by a deadline I was working to were met. Trouble free purchase. Listed in The Property Ombudsman Survey for Barbers...
Information was accurate.
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Very friendly efficient staff who kept us up to date with any development. Listed in The Property Ombudsman Survey for Barbers Wellington/Telford Branch
Very friendly efficient staff
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I am just e-mailing you to thank you for the incredibly smooth transaction of letting our new rural cottage in South Shropshire. To enable our move you have also found us an excellent tenant for...
I am just e-mailing you to thank you for the incredibly smooth transaction of letting our new rural cottage in South Shropshire. To enable our move you have also found us an excellent tenant for our own property in Wem. From the moment we saw our cottage
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We are very pleased with the prompt and efficient manor you and your team, helped to prepare Keeper's Cottage for letting again, and finding suitable tenants for the property, within two weeks of...
We are very pleased with the prompt and efficient manor
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Thank-you for seeing us through our roller coaster move to Market Drayton, at times we wondered if we would even make it. Thank-you for your patience and efforts on our behalf and thanks to all of...
Thank-you for seeing us through
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Barbers were very efficient and despite the market conditions it took only 5 weeks to sell our property. We would use them in the future (if we ever move again!) Listed in The Property...
Barbers were very efficient
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Very helpful and friendly did their best to market the property and provided a lot of viewers. Always kept me in touch. Karen was very efficient approachable and charming. Listed in The...
Very helpful and friendly
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All the staff at Barbers were all fantastic in their approach to our sale. We cannot thank them enough. They went beyond our expectations and we would not hesitate in contacting them again when...
All the staff at Barbers were all fantastic
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Karen was my contact @ Barbers, Newport. So helpful, friendly & efficient. Nothing too much trouble. What as asset to a company! Listed in The Property Ombudsman Survey for Barbers...
Karen was my contact @ Barbers, Newport
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Very satisfied with Barbers service over whole sale process. Listed in The Property Ombudsman Survey for Barbers Market Drayton Branch
Very satisfied with Barbers service
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We would use this company again & would be happy to recommend them to friends. Listed in The Property Ombudsman Survey for Barbers Newport Branch
We would use this company again
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I would say that Barbers, Market Drayton were very helpful, approachable and much mofe efficient than some estate agents I’ve dealt with in the past. Listed in The Property Ombudsman...
I would say that Barbers, Market Drayton were very helpful
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Barbers were instrumental in assisting progress of our sale and purchase and preserving the chain for which we were grateful. Listed in The Property Ombudsman Survey for Barbers Newport...
Barbers were instrumental in assisting
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To you both, we so appreciate all the help and support you have given us. We’d never have lasted the course without you. Our very best wishes. Mr and Mrs R, Shrewsbury
To you both, we so appreciate all the help and support!
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To Gail, Janine and all of the staff at Barbers. Many thanks for all your efforts with the sale of Holly Cottage. Mr & Mrs S, Market Drayton
thanks for efforts holly cottage
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To Mark, Sarah and Trine, Thank you for all you’ve done with selling the house and securing our rental property. Mr and Mrs S , Whitchurch
sale and rental
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Thank you - I have to say Barbers has been one of the best estate agents I have dealt with. Ms A, Whitchurch
Thank you - I have to say Barbers has been one of the best estate agents I have dealt with
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Thanks for everything, you all have made our dreams come true, we feel like we have won the lottery. Mr & Mrs R, Shrewsbury
dreams come true
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Dear Trine, A big thank you Trine for all your help last year throughout our “moves”. We’ve just unpacked now and feeling settled in our new home, which we are all very pleased...
Trine a big thank you
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To all of the staff at Barbers. Thank you for all your help & kindness in selling my mother’s house. We were very grateful to you all. Mr & Mrs P, Shrewsbury
Thank you for your kindness
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To Sophie, Julie and all the Lettings team, we are over the moon with the excellent service we have received in letting our property; it is such a weight off our mind. Our only regret is that we...
Lettings excellent service
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Jayne- May I thank you for your advice, efficiency and professionalism throughout the matter. I have dealt with many agents during my 40 year legal career, and the service Barbers provided was...
I thank you for your advice
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To all the team at Barbers. Many thanks for all your efforts over the past couple of years. Mr & Mrs J, Whitchurch
Many thanks for all your efforts
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Thank- you for everything you have done, you have been amazing. Mr and Mrs A, Market Drayton
Thank- you for everything you have done
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To all the staff at Barbers- Many thanks for your kind and professional help during the duration of this nail-biting and difficult sale. Many Thanks. Mr and Mrs O, Shrewsbury
To all the staff
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Just a short letter to thank you all so much for your help and support in the sale of our property. The professionalism and help has been first class at all times from all of our dealings with...
Just a short letter
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Thank you for everything you've done and for giving a little of yourself. Thank you. Market Drayton
Thank you for everything
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To everyone at Barbers, Thank you for all your help. Mr & Mrs B, Market Drayton
To everyone at Barbers, Thank you for all your help.
