The Bank of England base rate rise has begun to have an effect on the mortgage market, although buy-to-let mortgage rates remain competitive.
The good news for those seeking a mortgage is that the number of products on offer from lenders continues to improve. According to Moneyfacts‘ latest figures, there are now 5,394 products available to borrowers, compared to 4,096 in January 2017.
However, what borrowers need to be aware of is the fact that the ultra-low rates we have been experiencing could be on the way out, albeit slowly. In December, the Bank of England finally upped the base rate from the historic low of 0.1% to 0.25%, and lenders are now following suit.
Source: BuyAssociation