In October we wrote about the prospect of a rate rise and how it would affect fixed rate mortgage deals. Read Amy Kadir, Mortgage Adviser St Albans – Lenders start to pull fixed rate deals.
In November 2017 interest rates rose from 0.25% to 0.5%. However, the Bank of England’s own forecasts for the next three years suggest there could be further interest rate rises to come.
In October 2017 as households became concerned that interest rates would rise the number of homeowners re-mortgaging hit a nine year high. Some of the fixed rate deals have been removed or replaced now, but if you are on a variable rate mortgage it may still be worth taking mortgage advice to see if there is a mortgage deal that would better suit your financial circumstances.
‘Most of our clients have either purchased a fixed rate mortgage deal or a variable rate deal recently. Now the Bank of England has increased interest rates we are finding clients are less interested in taking out tracker mortgages or discount rate mortgages. For our clients on a fixed rate mortgage deal their monthly repayments will not change, but many lenders have already put up their mortgage rates for anyone on a variable rate mortgage deal.
'We recommend anyone concerned about the interest rate rise and how it will affect their mortgage repayment to get in touch with us so we can review your financial circumstances and offer appropriate mortgage advice. If you would like a free initial mortgage consultation please contact me on 01727 845500. Lonsdale Mortgages do not typically charge a fee for their services, we receive commission from the provider except in instances where we organise additional borrowing for a client with their existing lender, as some providers do not offer commission.’
As a mortgage is secured against your home, it may be repossessed if you do not keep up the mortgage repayments.
This article is for information only and does not constitute advice.