Credit: The Bolton News
Stability for Bolton Homeowners Amidst Mortgage Market Volatility
Cardwells Estate Agents reassures homeowners in Bolton that those with fixed-rate mortgage contracts remain insulated from fluctuations in repayment rates. Despite the recent surge in mortgage costs, particularly for repayment mortgages spanning five years, homeowners on fixed contracts need not fret over rising expenses. With the average detached property in Bolton commanding £352,000 as of December last year, Andrew Cardwell, a representative of Cardwells Estate Agents, emphasises the protective buffer provided by fixed-term mortgage agreements amidst market uncertainties.
Stability for Bolton Homeowners Amidst Mortgage Market Volatility
Analysing data from the Property Data resource, Andrew Cardwell underscores the remarkable trajectory of property prices in North West England over recent years. From February 2017 to December 2022, the average property price surged from £150,960 to £221,101, marking a significant increase of over 46 percent. However, amidst economic turbulence, including challenges faced by the mortgage markets and the fallout from changing political landscapes, homeowners on fixed-rate mortgages find solace in their financial stability. Despite fluctuations in interest rates and inflationary pressures, Andrew remains optimistic about a potential reduction in borrowing costs in the coming months. He advises prospective homebuyers and those considering re-mortgaging to seek guidance from independent financial advisors, leveraging their expertise to secure the most competitive borrowing rates available in the market.
Read the full news article on The Bolton News here.
