Latest news on Interest Rates
“The Bank of England’s took a decision to raise interest rates by 0.25 per cent to 0.75 per cent.
The decision was made following a vote by the Monetary Policy Committee on 2nd August 2018 which was unanimous in favour of a rise. It is the first time the base rate has risen above 0.5 per cent in almost 10 years.”
What does this mean for our customers?
If you have a fixed rate mortgage then this rate change won’t affect you until your fixed rate period ends.
If you have a variable rate or tracker mortgage then your mortgage payments may well have increased based on this change of rate. If you want to discuss this with us the please get in touch.
Who needs to act now?
Those who are on the Standard Variable Rate are likely to have had an increase in monthly payment due to this change. Please get in touch if you require a review with a view to getting a new deal in place.