If Britain crashes out of the European Union without a deal this could keep mortgages cheap and create a “buying opportunity”, according to industry experts.
This seems more and more likely with each passing day following Theresa May’s defeat in Parliament last night. The Prime Minister lost the crucial second vote by 391 votes to 242, increasing the chances of a no-deal Brexit.
With just weeks to go until the March 29 exit date, the Government faces the prospect of leaving with no official arrangement in place. A further vote will take place this evening on whether a no-deal Brexit should be pursued.
The property market has already slowed dramatically as the country edges closer to the brink and this could get worse. But those with property overseas could actually find themselves with more money in their pockets.
Could the mortgage rates could stay low for longer?
A silver lining for homeowners is that your mortgage rate could stay low for a while should no deal be agreed. Despite the increase in Bank Rate in August, rates have remained highly competitive as the market has slowed and lenders fall deeper into a Brexit mortgage war.