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So, what’s your mortgage rate and home move outlook looking like?

Updated: Jun 21, 2023



Home owners nationwide are waiting and wondering how high the up and coming cost of their mortgage may have soared to by the end of the current month and going on through the Summer and indeed the rest of this year.


rising rates


The current torrid, immediate financial outlook is looking testing indeed for many, amid predictions of the next Bank of England interest rates rise and the following probability that the mortgage base rate will climb even to 6%!


soaring mortgage costs


The experts have been suggesting that we are set to see mortgages climb to levels last seen in the 1980’s …..and the talk is that for an average, easy access home loan, a rather forbidding six per cent is highly likely. What’s more, the suggestion is that, in the light of these looming interest rate increases, many mid-range homeowners are at risk of all but having their savings negated by this much-talked about mortgage rate surge.


best options


So, right now for sure, it’s very much a situation where all certainly need to take the very best… best options they can to help avoid the worst of these latest rising pressures. The outlook, for sure, has surely made a home move for many as challenging and costly as it has ever been for a good few years. The decision to cope surely has to be… to retain the very best status quo one can… and surely consider avoiding a home move altogether for now,if at all possible.


What is best for you and yours?


Ask yourself carefully ….what is best thing to do right now? It may be of course that you have to move - a new job relocation, say ..But, if for example your move is all about more space being needed at your current home - then perhaps you DO have a better option! You just could perhaps investigate a home project to improve life at home and thus tide things over until the current desperate uncertainty eases at least a little.


add home price value?


If you need more space - can you perhaps consider a home extension or renovation going forward to both help you improve ‘liveability’ at home for now and, also absolutely vitally, you can add value to your home ( if you do your project right!!) for a later-on sale.


more time - better value


Such an approach could surely be useful indeed to help you out until the longer term overall whole financial situation becomes less daunting and desperate. A home project - extension or renovation now to add value…and then move later on…as we have been advocating for a fair time now!

.

pause and review?


Of course, such an approach can’t possibly help out everyone, but it COULD apply to some people in certain circumstances… for sure! We, at Mint would suggest that certain homeowners might possibly pause, review and re-consider their overall pressured situation and investigate whether a home improvement project may be a possible answer at least for the immediate …now!


better choices


As you may know, we at Mint have for a considerable time have promoted our successful Extend Now - Move Later campaign. We have seen projects adding vital price value, which has in time certainly offered more options and better choices for some homeowners.


Good luck - of course …with whatever you decide …….. there are tough decisions for us all to make - that’s for sure!


We, at Mint Builders are, of course, here to help locally with all kinds of questions and ideas relating to your new home extensions or renovation ideas and plans for these challenging times moving on into 2023 . We can assist with all your home renovation priority planning and project organisation of all kinds in order to add vital value to your current home, ready for a later on home in the future.

Feel free to request our project planning and quotation visit to refurbish or extend your home for more energy saving ‘liveability’ and vital increased future protective money-making added sales value, vital in these challenging mortgaging financial times. Contact Mint Builders on 07734 211958 or email mintbuilders@hotmail.co.uk.







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