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What Brexit might mean for mortgage borrowers?

Following the vote to exit the EU, we understand there will be questions about the effect this may have on mortgage interest rates.

A number of our major mortgage lenders have suggested they don’t anticipate any immediate change, although looking forward there could be some change to mortgage rates. There has been nothing to suggest that high street lenders plan to change their criteria.

Mortgage borrowers currently have an array of competitive deals on offer, generally at record lows.

However, counter to that is the concern that the weakening in the pound could lead to higher inflation in the longer run. That would typically be controlled through higher interest rates, which would clearly affect mortgage borrowers.

There is bound to be a lot of uncertainty to come and the only certainty at the moment is that mortgage rates are currently extremely competitive.

We will continue to monitor the market closely for our customers and will keep you posted…

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