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Falling interest rates should favour home owners

THE current credit crunch has finally taken a slight turn for the better with falling interest rates which should be a benefit to borrowers.

For those of us who have a huge amount of savings squirreled away falling interest rates may not be helpful, however it will assist if you have high interest credit cards or mortgages as your rate should decrease.

For home buyers this should be good news as mortgage rates tend to follow interest rates. Lower mortgage rates mean you should be saving on the interest you pay for any mortgage. Don't be fooled into picking a bigger house just because the interest rates are low though, they could go back up again.

If you bought when the rates were higher this could be an opportunity to refinance. Saving on your mortgage rate could free up money every month so refinancing may be worthwhile, however just keep in mind your arrangement fees for new mortgages which may be front loaded.

This is also good news for Landlords as the cost of mortgage on each property held will reduce. Arguably it is a good time to invest in more properties – something that may help kick-start the housing market.

Whether you are a first time buyer or a Landlord taking advantage of the current economic climate Westhill Insurance can help keep your costs down by providing low cost House Insurance or Home Insurance as well as Landlord Insurance or Let Property Insurance.

Westhill Insurance covers bike, car, van, home, business, let property, commercial or even public liability insurance. It is willing to talk with you and come up with a tailor-made deal to suit. In the current climate of financial and insurance crisis Westhill Insurance understands the fear of dealing with a large impersonal, unaccountable organisation and sets itself apart as the broker you can speak to and trust.

For more information on Westhill Insurance or a quote, visit www.westhill-insurance.co.uk or call on 0844 371 7000 Mon – Fri 0900-1730 and Sat 0900-1300.

Posted on 10th November, 2008