The Monetary Policy Committee has voted 6-3 to increase the base rate to 3.5%. Rising by 0.5% from the previous rate of 3%, the cost of borrowing has become even more expensive. Whilst the rate hike is to tackle inflation, it also increases mortgage rates, which is bad news for borrowers. We understand how worrying this further increase is and are here to help with your mortgage concerns.
What should you do?
Get in touch with our mortgage brokers for advice on your mortgage deal. If you have a fixed-term mortgage that’s coming to an end, we can secure a new deal for you up to 6 months before the end of that term. Fixed-rate deals currently have higher rates than they did 18 months ago. But refinancing to a new fixed-rate deal as soon as you can helps to avoid paying an even higher rate if a new deal isn’t secured until the end of the term.
If you have a variable rate mortgage, it will be affected by the new rate increase so call us to discuss switching to a better deal. Our mortgage brokers can check your existing deal and search the market for the most competitive alternatives available. Interest rates are expected to continue rising so it’s recommended to remortgage sooner rather than later. This ensures that you avoid having to make higher monthly mortgage payments than necessary in the future.
Get in touch for expert help with your mortgage
Give us a call on 01322 907 000 as soon as possible if you’re worried about how this new base rate affects you. With unrestricted access to the market, our professional mortgage brokers can search for the best mortgage deals available. They can advise you on the different mortgage types and rates to help you make an informed decision. This includes fixed or variable mortgages and repayment or interest-only deals. Our brokers will discuss the varying terms with you as well as the fees and interest rates payable.
With extensive experience and good relationships with specialist lenders, they can also help you overcome any other issues you’re worried about, such as having a bad credit rating or being self-employed. If you prefer, send your details to us at firstname.lastname@example.org and one of our mortgage consultants will reply to you as quickly as possible.