After Mark Carney, the governor of the Bank of England recently gave the clearest indication yet that an interest rate rise was imminent mortgage lenders have removed their best fixed rate deals and at least nine banks and building societies including Nationwide, Halifax and Santander have raised their rates in the last few weeks. In October NatWest and Barclays raised their interest rates on two year fixes.
'Some experts are predicting that the Bank of England monetary committee could vote to raise interest rates at their next meeting on November 2nd. However, already we are seeing some mortgage rates rising because the ‘swap rate’ the wholesale bank lending rate has risen on speculation of an interest rate rise.‘
'In the current interest rate environment we are recommending our clients review their current mortgage and call us on 01727 845500 for mortgage advice so we can review the mortgage market for you. For our clients who are due to re-mortgage next year remember that offers will often last between 3-6 months, so if you are worried about rising interest rates then it would pay to get in touch so we can check the mortgage market as soon as possible.’
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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.