If you have any interest at all in the mortgage market at present, you cannot fail to have noticed the falls in interest rates that have been occurring in recent times. The Brexit vote has led to further falls in this highly-competitive marketplace as well. It is no wonder, then, that mortgage holders and those who are looking to buy for the first time are scouring the market for good deals to help them save money. However, the Governor of the Bank of England, Mark Carney, has advised people to be prudent, even though the current situation is encouraging thanks to low interest rates. Given the lifespan of the average mortgage, he noted that at certain times conditions will be difficult. This was clearly referring to the chances of interest rates going up at some unspecified point in the future. Lower base rate to come? Of course, while the warning was prudent indeed, there is every chance the base rate will head in the opposite direction in the very near future. While the current base rate has been at an all-time low for some considerable time now, there is mounting speculation that we may soon see it drop even further. Dont be put off getting a mortgage Thats the message given here, and agreed upon by experts in the property world as well. The last thing the Bank of England, and indeed the lending market, would want is for people to be put off buying their own property because they are uncertain about which way the market is going to go. Instead, it is wise to be prudent. Those looking to buy can take advantage of low interest rates to seek out an affordable mortgage with good repayments. However, it would not be wise to get the biggest mortgage you can afford with those low rates in place. Even if interest rates do not rise at any point in the near future, they are bound to rise eventually. If this should happen, we may potentially end up with many people struggling to meet their monthly mortgage repayments. This would be similar to the situation that occurred when the recession took hold a few years ago. The rules now in force in the mortgage market should prevent that from happening. However, it may not always be wise to borrow the maximum amount you are permitted to borrow, and that your income can stretch to. £150 billion available for lending The Bank of England has recently made £150 billion available via banks and building societies to take the pressure off the economy following the vote for Brexit. This money will be taken from the buffer that is in place to protect banks and building societies. It may be the case that lower rates will be seen as a consequence of this, although this is still hard to gauge at present. There is also the chance that interest rates could be cut as early as this week, although no confirmation of that is currently available.