Our CEO Luke Loveridge talked with Kelly Sjöberg to get her view on whether 2022 is a good time to re-mortgage.

Kelly has been a mortgage and protection adviser for 14 years and currently works as a business development manager at Smart Advice Financial Solutions who are a network partner of the Mortgage Advice Bureau

She looks after key relationships (such as banks and mortgage lenders) and organises lender training for mortgage advisers, whilst still providing mortgage advice; especially ‘buy-to-lets’ and re-mortgages.

Luke: Is 2022 a good time to re-mortgage?

Kelly:

I would say what we’ve seen so far in 2022 is two rate rises with the Bank of England moving from 0.25% where it was at the beginning of the year; we’ve seen February and in March 0.25% moves so it’s now sat at 0.75%.

What we see with the swap rates are what the banks exchange money at between each other and that’s how the price the fixed rates. So they will slowly start to increase too, as the Bank of England does, and I think of we’ve already seen this morning inflation is gone up by it to 6.2% which is the highest ever been in 30 years. Yeah, I think we can see more Bank of England movements to come.

I think rates are really competitive still you can still get an interest rate under 2%, even at the 90% loan to value on some properties at the moment. So it’s a really good time to re-mortgage.