Bank of England base rate rises by 0.5%
Thursday 22 September, 2022
The Bank of England (BoE) has raised the base interest rate by 0.5% to 2.25% placing increased pressures on borrowing.
Inflation predictions continue to consider the rate reaching new heights over this year and are expected to rise further over the year. The Bank of England remains under huge pressure to regain control of inflation.
Time to review your mortgage deal
Due to the effect of this new increase, it is highly probable that your existing mortgage will remain the most significant outgoing you have on a monthly basis. To help cushion the impact of this new interest rise, it will be crucial to fully review all your monthly expenditure. Due to the size of the expenditure, your mortgage is a good place to start.
We are seeing an increasing number of clients now reviewing their existing mortgage deal as they have come to the end of their fixed rate mortgage product, or in some cases they will be in a position to remortgage within the next 3 to 6 months.
It appears that the upward curve of the interest rates will continue, so we are recommending that our clients review their current mortgage deal to decide if there is now a more suitable mortgage product available to them, or indeed to help limit the effect of further interest rate rises in the future.
Be ready to make the move to a new mortgage, act now and call our expert mortgage brokers on 01707 872000.