BOE Money and Credit comment from Leon Diamond at LiveMore
31 May 2022
Leon Diamond, CEO at LiveMore, said: “Mortgage borrowing fell in April which was expected as the March figure was high, although it has been readjusted from £7bn to £6.4bn, which is quite a big change.
“The mortgage approval figures are also lower month on month so we are starting to see a slowdown in what has been a busy housing market over the past couple of years.
“Nevertheless, there is still demand for housing and borrowers will want to secure their new home and mortgage before rates go up even higher, which is widely anticipated.
“Long-term fixed rate mortgages are the sensible way for people to go in this rising rate environment and many people are now considering fixing for 10 years. But there are also 20-year fixed rate and fixed for life options, which can give peace of mind knowing that your monthly repayment will never go up.”
