Interest rates

The Bank of England certainly confused the industry over the last few months with rumours that interest rates may have to increase sooner rather than later. This reckless statement stagnated the industry which basically resulted in the whole industry coming to a stand still. All of sudden nobody was moving or re-mortgage due to the threat of higher interest rates.
As you may already know this caused a halt in property price increases and a dramatic slow down in mortgage approvals. The knock on effect to this is that many lenders are going to fall short of their annual targets which has resulted in interest rates coming down significantly on many mortgage product across the board. So now might be a good time to lock into that 2 or 5 year fixed rate.

The good side effect of this is that inflation is down and the economy slightly stalled which has resulted in the threat of interest rate increases diminishing. Many economists now believe interest rates may not increase until the back end of 2015 or even early 2016.