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Interest rates staying low

Published by: Yvonne Astley

Now is the time to buy. I am hearing the contentious word being branded about, you know the one, “inflation”! Good for some, not good for others. Good, for the savers, but not good for the mortgages. So, I say, now is the time to secure your mortgage and lock it down. Rates are still unbelievably low, in fact, spectacularly low. It’s simply brilliant to be able to borrow money as low as 1.4% to buy your own home.

For such little ‘interest’ you can invest in yourself and invest in your own home. You can improve your home, buy bigger, have a bigger garden, have a more space, have a ‘working from home’ office and the property will increase in value higher than the value of the interest will impact on the cost of the loan. Some will say debt is debt, no matter how it is packaged and I would agree with them, but, if you borrow £100,000 and pay back £125,000, then your property will have gone up in value past the costs of the interest leaving you in positive equity.  

My advice is borrow as much as you can while the interest rates are on the floor, because now is the time to make hay while the sun is shining. Good luck