The Bank of England’s latest decision to increase the base rate of interest to 5% is going to hit households hard with mortgage rates set to increase.
These latest inflation figures only add to the market turmoil we have seen in recent months. Anyone who has been looking for a new fixed rate mortgage, whether it is to buy their first property or to replace a deal that is coming to an end, will know how testing it has been over the last few months.
The decision marks the bank’s 13th base rate increase since December 2021, but what does that mean for you?
We have already seen hundreds of mortgage rates increase, with mortgage products being pulled or repriced upwards and with more than 6.8 million fixed rate mortgages due to come to an end in the coming months, there really is no time to waste.
If you need advice or you would like to talk through your mortgage or remortgage application get in touch today to arrange a free consultation.
