Don’t miss the opportunity to save money

The last meeting of the Bank of England’s (BoE) Monetary Policy Committee had their first split-vote for several months when agreeing that interest rates should remain at 0.25%.  It is clear that the pressure is growing to revise interest rates back up to 0.5%.

Since their meeting, UK inflation figures have been released indicating that over the last month inflation has risen above the BoE target of 2% registering 2.3%.  This is the first time the target has been breached since November 2013.

Why is this important to Oxford’s landlords?  Because, once the BoE base rate rises from 0.25% mortgage rates will follow immediately.  Landlords have a closing window of opportunity to lock-in historically low interest rates and save themselves money.

Why is now a good time to minimise costs?  Because, the new rules relating to the tax treatment of mortgage interest rate payments are to be phased-in from 6 April 2017.  These changes, which will bite progressively over the coming 4 years, will increase landlord costs materially.  Taking time now to remortgage could off-set the increased cost in tax, helping to insulate landlords from higher tax charges. 

Remortaging can also be a great way for landlords to release capital from their properties for further investment and/or to fund maintenance and renovation works.

Many landlords know they should look to optimise their mortgage arrangements, but either can't be bothered, or feel a sense of loyalty to their long-term lender.  Now is no time for apathy or misplaced loyalty.  Your costs are going to rise and you need to mitigate the losses.

As a rule I try not to use this blog to promote my own lettings business, but on this occasion, I will make an exception, as I believe we are well placed to help readers to investigate this opportunity quickly and conveniently. 

Martin & Co, Oxford have partnered with L&C Mortgages, the UK's largest fee-free mortgage broker. L&C has a panel of 88 mortgage lenders coving private, buy to let and corporate mortgages.  You will be able to get expert advice at the end of a phone when it suits you. Their expert advisers are on hand 7 days a week, and L&C will manage a full search of the mortgage market so you don’t have to. Over 1 million people have gone to L&C for fee free expert mortgage advice, so we believe that you can trust them to help you, too.

Either drop me an email on info@OxfordPropertyBlog.co.uk to request a call from L&C, or call L&C directly on 0800 923 2045 quoting Martin & Co, Oxford.