There is a lot of misinformation out in the market. I’m using this blog to provide a bit more perspective about why there is no need to panic about rates
Short term rates have not increased (and are not increasing) so it worries me when I hear everyone saying things like “rates are going up.” To be specific, only long-term rates are going up – and you need to consider your strategy accordingly.
Having done over 1,500 mortgage reviews in three months, we thought we should analyse some of the data (without going overboard) to see what it told us
You should look to start locking in five-year fixed rates from April onwards. Don’t leave it too late and don’t be too greedy. We’ve always said, “If the five-year rate gets below 6.00%, don’t even bother thinking about it, just lock it in”.
If you do not know what you are doing (and you feel your bankers don’t either) then take personal responsibility and either do the research yourself or find someone who is qualified to help. Otherwise it could cost you thousands in extra interest over the life of the mortgage
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