Bank base rate increases to 3.5%
Thursday 15 December, 2022
It was announced at Noon on Thursday 15th December, that the Bank of England is continuing its endeavours to bring down the rate of inflation by increasing the interest rate again, from 3% to 3.5%. This is the ninth consecutive increase made by the Bank of England which has resulted in the highest interest rate level for 14 years.
This latest increase will see mortgage rates impacted further and will change mortgage deals that are available, including those available to first time buyers, remortgages or landlords requiring buy to let mortgages.
The continued increase in interest rate rises further illustrate that anyone with a fixed mortgage coming to the end of the term, or those looking for a new mortgage should seek professional advice to help secure the most suitable mortgage deal.
Thomas Oliver recommend speaking to a mortgage adviser to discuss your specific circumstances and any financial concerns that you may have.