As expected, the Bank of England has increased the base rate of interest again by 0.25% to 4.25%.
This is in response to the surprise rise in the rate of inflation announced earlier this week. This will mean that variable rate mortgages will increase in due course and if you have one of these, your lender will write to you to advise you of your new payment.
Amongst the doom and gloom that the media will invariably attach to this rise, what you won’t see in the press is the fixed rate mortgages are still generally reducing now. This is because the long-term cost of funding for lenders is coming down!
If you are thinking of taking a mortgage or are worried about these rises, please always seek professional advice rather than relying on the media. The Barlow Irvin Financial Services award-winning team are ready to answer any questions you have. Just give them a call on 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