The Bank of England has just announced a base rate rise to 0.75%. This is as most had predicted….
The base rate last changed in November 2017, when it was increased to 0.50%. Many of us have enjoyed interest rates being 0.50% or lower for the past 10 years!
The low interest rates have been instrumental in the growth of the property market since the credit crunch in 2007/8. It has also been very helpful for making home buying more affordable for first-time buyers. However, the new current rate increase to 0.75% doesn’t need to spell doom and gloom.
A rate rise will mean that anyone on a variable or tracker rate mortgage will have higher mortgage costs. However, an increase of 0.25% is unlikely to cause a huge impact on your household finances if you haven’t overstretched yourself on your mortgage borrowing.
Mortgage rates available now still look amazing and provide affordable payments to those looking to remortgage or buy a home.
So….with times and circumstances changing should you be reviewing your mortgage…?
Your mortgage product is coming to an end? Click Here
On the lenders Standard Variable? Click Here
On a fixed rate? Click Here
On a Tracker rate? Click Here
Not sure what type of product you have? Click Here
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