Bank of England base rate increased!
As widely predicted The Bank of England has raised the base rate by 0.25% to 0.75%. The move comes as the Bank tries to curb soaring inflation amid the pandemic and cost of living crisis. This is the third increase since the historic low rate of 0.1% in December2021.
Mortgage lenders have seen this coming and have already adjusted rates over recent months. As a result Mortgage brokers and lenders have seen an increase in demand for longer term fixed rates.
With the rise of 0.25% it does not mean lenders will increase mortgage rates by the same amount. Lenders will still have their margins and will want to remain competitive.
To find out what this could mean to you, just arrange a free call with one of our mortgage advisers
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE