What The Interest Rates Rise Means For Your Mortgage Repayments

For anyone who has a variable rate mortgage, you're about to see your interest rate go up as your mortgage company will pass on the Bank of England's recent base rate hike very quickly ...

The Bank of England voted to increase the base rate from 0.75% to 1% recently in an effort to curb inflation and this means that your monthly payments will increase soon and, of course, interest rates could increase further this year.

With the cost of living crisis in full swing due to increasing food, fuel and domestic energy costs, the last thing homeowners need is to pay more for their mortgage!

I strongly recommend you talk to your mortgage provider as soon as you can and try to lock in the current rates as well as avoid any future interest rate rises. Moving to a two-year fixed-rate mortgage could save you thousands, although that would be less if you want it fixed for a longer term.

I know a number of trusted independent mortgage advisors and am always happy to refer you to one if you need some good advice.

If you feel inspired to find out more about anything I've said here, do call me on 01908 774320 or leave a comment below and I'll be in touch as soon as I can.