Bank of England Interest Rates Rise


The Bank of England have raised interest rates last week by a further 0.25% to 1%. This was widely expected as inflation is currently running at a high level and raising interest rates is one of main tools that can be used to try and bring inflation back under control. In terms of mortgage rates, most lenders have been increasing their fixed rate deals over the last few weeks and there is no indication that this is likely to change. Rates are still at very low levels and there is certainly no need to panic, but if you are currently looking for a mortgage, it could be certainly worth acting sooner rather than later. 

If you are currently on a fixed rate mortgage, you won’t see any difference to your mortgage payments, but if you are on a variable rate, you will probably notice an increase in your mortgage payments in the next month. Your lender will be writing to you to update you as to your new rate and monthly payment. 

As always, our team are on hand to answer any questions you may have in relation to this, please call 01204 304 814.

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments

About the author 

The Barlow Irvin Team

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}