What The Interest Rates Rise Means For Your Mortgage Repayments
The Bank of England are trying to curb inflation ...
Posted by Roger Eddowes on 12/05/2022 @ 8:00AM
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 ...
With the cost of living crisis in full swing, the last thing homeowners need is to pay more for their mortgage
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.
Until next time ...
ROGER EDDOWES Business Godparent
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about changing to a fixed-rate mortgage or would like to speak to one of my trusted independent mortgage advisors, it may be a great idea to give me a call on 01908 774320 and let's see how I can help.
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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