Bank of England hikes interest rates to 0.75%
Thursday 17 March, 2022
As interest rates rise, is now a good time to fix your mortgage?
The Bank of England has increased the Bank Rate to 0.75%. Citing Russia’s invasion of the Ukraine as a key driver to surging inflation, the Bank battles spiralling costs of energy and other essential resources.
“The Bank of England condemns Russia’s unprovoked invasion and the suffering inflicted on Ukraine. The Bank is working closely with the UK Government to support its response in coordination with international authorities. The Bank’s Monetary Policy Committee (MPC) supports this condemnation and welcomes these actions. The MPC sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 16 March 2022, the MPC voted by a majority of 8-1 to increase Bank Rate by 0.25 percentage points, to 0.75%. One member preferred to maintain Bank Rate at 0.5%.”
Bank of England Monetary Policy Summary
If you are due to remortgage, or you are a first-time buyer, a buy to let investor or moving home, get a new mortgage offer now. Contact your mortgage adviser for personalised mortgage advice.
Debbie Bell, Financial Services Director in Cheshunt said:
If your fixed rate mortgage deal is due to end soon, call our Thomas Oliver mortgage brokers on 01707 872000 to find out how you can get a new mortgage offer. We are likely to see the price of fixed rate mortgage offers increase as the Bank of England has raised interest rates. It’s worth remembering that many mortgage offers can last up to six months, so you can get a mortgage deal earlier than you need it. Whatever your situation our mortgage brokers can review your financial circumstances and recommend the best mortgage option for you. When we provide mortgage advice, we will review all your incomings and outgoings before we recommend the best mortgage product available to you. We work with mortgage customers across the south-east, but many of our clients live in Hertfordshire, Essex, North London, and central London.
In Summary...
The Bank of England has increased interest rates to 0.75%, the highest rate since March 2020, so we recommend customers review their mortgage situation.
