Firstly I must thank Sound in Theory for our excellent new and improved mortgage calculator, great job as always.
With the Bank of England considering starting to raise interest rates and with all of the uncertainties surrounding Brexit we may be nearing the end of historically low interest rates.
Many mortgage holders who are still on variable rates will start to see the monthly cost of their mortgage payments going up. Together with rising inflation and a real squeeze on family budgets times are going to get harder.
I don’t want to seem to be alarmist, but in my opnion this is a serious topic. To give you a good idea of how much per month a new mortgage might cost, please look at and use our mortgage calculator at www.westexe-mortgages.co.uk/mortgage-calculator To change your mortgage whilst interest rates remain so low could prove to be a really wise move. To reduce the monthly mortgage payments and protect against interest rate inflation for many it will seem like a pay rise.
Delaying this decision until rates actually start to rise could possibly mean you have missed the really good deals offered today and regret that you didn’t act sooner.