You may already be aware that on Thursday the Bank of England increased the base rate from 0.25% to 0.5%. This is big news in the financial services industry and could have a significant impact on your mortgage and savings.
The concern at the moment is how this rise and any potential future rises could impact family finances, and in turn affect the ongoing management
of monthly mortgage repayments.
How will it affect you?
The base rate rise will impact you more if you have a variable mortgage. These types of mortgages move up and down in price as the base rate changes and therefore your mortgage repayments could increase.
If you are currently sitting on your lender’s Standard Variable Rate or have not reviewed your mortgage in a while, now could be the perfect time to catch up with us to discuss your next step.
To discuss all of your options following the base rate rise or to simply talk through the best solution for you contact your adviser today.