Loan Talk: Freedom: Borrowers continue to take advantage of low rates

Freedom Finance stated that borrowers have continued to take advantage of low mortgage rates, following the latest figures released from the Council of Mortgage Lenders (CML).

The CML found that house purchase lending in February was up 21% on last year with homeowners borrowing £8.7bn for house purchases.

Nicola Georgiou, Managing Director at Freedom Finance, said interest rates remained at a record low and did not look to be rising anytime soon.

“Borrowers are continuing to take advantage of the low mortgage rates on offer in February.

“The increased activity experienced by the buy-to-let market at the start of the year continued into February as landlords looked to complete ahead of the new stamp duty rate introduced at the start of this month.”

Nicola did offer a word of caution to borrowers looking to benefit from low interest rates, adding: “Potential borrowers looking to benefit from the current low interest rates should be aware that the top rates on offer are often only available to those with perfect credit scores.

“Shopping around online for mortgages can negatively affect your credit score and limit the possibility of you securing the best loan for you in the future.”