Rates set to rise again

After the latest comments from the Bank of England, financial analysts think a rise in the Bank’s base rate from 0.5% to 0.75% in May has become much more likely, with another one expected to follow in the Autumn.

At least four million households with variable or tracker rate mortgages are likely to see their payments increase once again.

Across the UK, 9.2 million households have a mortgage.

Of these, about half are on a standard variable rate or a tracker rate, amounting to between four and five million households.

These are the people who would be most affected, as their monthly payments would increase.

Those on such variable rates tend to be older, and with relatively small outstanding mortgage balances.

According to the Nationwide, a 0.25% rate rise means someone on a £200,000 mortgage would face paying around an extra £25 a month, or about £300 a year.

Westexe Mortgages are here to help – a consultation with unlimited advice is always free without any obligation, we do not charge any upfront fee’s for this.

Contact one of our experienced advisers 24/7 on 01392 216 344, or using our Quick Contact Form:

Enter your telephone number to request a callback

Join our mailing list

Ref: BBC News, http://www.bbc.co.uk/news/business-41831777

Posted on February 12, 2018 by Neil Henry, in: Uncategorized

Leave a Comment

Want to join the discussion? Please fill out the form below to leave your comments on this article.

Enter your name and telephone number below and one of our advisors will get back to you.