From today the Bank of Ireland are putting up the mortgage rates for their customers who have base rate trackers. This will effect thousands of existing residential and buy to let customers who thought that they had been wise or fortunate in choosing a long term Bank of England base rate tracker. Other major lenders in recent times have also been slowly raising the standard variable rate, although this has happened without too much fuss.
Having been sold or chosen a tracker product, the understanding implied was that the mortgage rate could only go up if bank base rate rose. Think again, hidden away in the small print was a clause allowing under certain circumstances the bank could raise the rate. Moan or complain all you like, it will be a mammoth and expensive task to fight the bank over this unfair issue.
Whilst in recent times we have seen fixed rates falling, resulting in historic lows. Some five year residential fixed rates are now below 3% and two year fixed rates falling below 2%. Buy to let fixed rates have also reduced in the same time. There has never been a better time to re-mortgage into a secure fixed rate, giving you peace of mind in knowing that your lender cannot put up your monthly mortgage payments.
Why not take advantage of historically low fixed rates, call Westexe now on 01392 216 344.