Bolton is a city in Greater Manchester in the north west of England. For anyone who knows the area of Bolton, it has rich parts and poor parts. Similarly, houses and house prices vary considerably as do mortgages for various areas of Bolton.
For example, a mortgage broker who specialises in the richer parts of Bolton such as Egerton and Edgeworth is unlikely to be dealing into mortgages for properties in areas such as Breightmet and Failsworth.
Similarly, depending on the value of the property a person wishes to buy, the interest rate on the money you want to borrow is dependent on the sum. For example, a loan arranged by a mortgage broker in Edgeworth or Egerton area of Bolton will have an interest rate of around 1.99% per annum. A loan for a mortgage for about £80,000 in Failsworth or Breightmet will probably be loaned on an interest rate of about 2.49%. This is a significant point that will make a considerable different to anybody using a mortgage broker to buy a house throughout Bolton.
With the Bank of England looking to raise the base rate shortly, now is a good time to get a mortgage for a property, before the interest rate rises take hold. Many mortgage brokers will be able to secure either a 2 or 5 year deal with a fixed interest rate. This information should be of interest to all mortgage holders who are looking to buy in Bolton.