He says the immediate impact following the UK’s vote to leave the UK was the dramatic fall in the value of the pound and the stock markets reacting negatively. 

“This has hit our finances and suddenly our holidays abroad have become a lot more expensive. Those though who live here but work across the border and getting paid in Euros will feel a lot better off. Local businesses will hope to see an increase in trade as they would expect to see more southern visitors making the trip across the border,” he said.

He went on to say that the uncertainty on the effect of Brexit has created volatility in the markets. 

Markets, he says, hate uncertainty and we may be in for a bumpy two years as the UK works out its exit. 

“The Bank of England Monetary Policy Committee may step in when the meet again in July to help calm the markets and maintain economic growth by reducing interest rates. There is speculation of interest rate cuts, already at a record low of 0.5%, to zero %. This is good news in the short term for those with a mortgage or those looking to borrow for the first time.” 

However, he thinks that over the long term, the Bank of England may be forced to increase interest rates. The fall in the value of sterling will bring with it other economic pressures. The value of our goods and services will become more expensive leading to inflation rising, squeezing wages and slowing the economy and leaving us with less disposable income. 

“Rising interest rates will make our mortgages more expensive. In an uncertain world a fixed rate mortgage is an attractive option and this would be a good time to secure a long term fixed rate as fixed deals have never been cheaper.

“House prices may stall or even fall. Lower house prices may be good for first time buyers, so long as they have a secure job and can afford potentially higher mortgage repayments,” said Mr McGowan.