Interest Rates: The Impending Increase

15th February 2018 / in Mortgages, News / by Gordon Hunter, MD

No Jokers here, what would an increase in interest rates mean for your mortgage?

The Bank of England has announced that it is keeping interest rates at 0.5% but has also hinted at increasing the base rate soon [1].

They did say rates would need to rise “earlier” and by a “somewhat greater extend” than they thought at their last review in November.

The BBC states that around 8.1 million UK households have a mortgage, and of those almost half are on either a standard variable rate or a tracker rate [2].

Those on a standard variable rate or a tracker rate would be most affected by a rate increase, as interest rates on those types of mortgages would likely match any increase by the Bank of England.

Economists think the next rate rise could come as soon as this May. [3]

Swoop in & Secure a Low Rate

If you haven’t reviewed your mortgage recently and not taken advantage of the record-low fixed rates, you may want to consider it now.” says Super Contractors’ Managing Director Gordon Hunter. “Securing a fixed rate deal could be your answer to avoid the impending increase. It all depends on your circumstances and whether a switch is right for you at this moment.”

Super Contractors can search for contractor remortgage deals on your behalf with major high street lenders who will consider (subject to terms) a day rate contractor.

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Your property may be repossessed if you do not keep up repayments on your mortgage.

This firm charges a fee of up to £295 for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.

Lifetime Finance Group Limited trading as Super Contractors is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited, which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products.

[1] This is Money, Feb 2018, http://www.thisismoney.co.uk/money/news/article-5363197/More-quarter-indebted-Britons-fear-rate-rise.html
[2] BBC, Feb 2018, http://www.bbc.co.uk/news/business-42986729
[3] Money Marketing, Feb 2018, https://www.moneymarketing.co.uk/bank-england-holds-rates-hints-increase-soon/

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