As interest rates rise to 1% it’s time to get a mortgage review
Thursday 5 May, 2022
As the Bank of England has increased interest rates again mortgage lenders will put up their standard variable rate, and mortgage deals will rise in price.However, it’s not too late to act.
Take mortgage advice. Call our mortgage broking team now on 01707 872000 or email us at enquiries@thomasoliver.co.uk to organise a mortgage review for you or your family.
Bank of England raises interest rates to 1%
The Bank of England MPC voted by a majority of 6-3 to increase Bank Rate by 0.25 percentage points, to 1% the highest Base Rate since 2009.
Why has the Bank of England raised interest rates?
“Global inflationary pressures have intensified sharply following Russia’s invasion of Ukraine. This has led to a material deterioration in the outlook for world and UK growth. These developments have exacerbated greatly the combination of adverse supply shocks that the United Kingdom and other countries continue to face. Concerns about further supply chain disruption have also risen, both due to Russia’s invasion of Ukraine and to Covid-19 developments in China.”
