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Another base rate rise
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Published: 3rd August 2023
This Article was Written by: Adrian Anderson
In its announcement today, The Bank of England raised the base rate again and to 5.25%. Despite the recent lower than expected inflation rate figure, the Bank stuck to its goals to further reduce inflation.
This will be challenging news for many homeowners. There are around 2.2 million people with a variable rate mortgage, which includes tracker, discounted variable, and standard variable rate mortgages. Each base rate rise places additional financial demands on those homeowners.
While today’s rise will be tough, some forecasters are suggesting we may be at the beginning of the end of the cycle of interest rate rises.
At Anderson Harris, we are helping many potential and existing homeowners comfortably navigate the turbulence from the base rate changes and their impact on people’s mortgages.
Given the current uncertainty it’s important though not to:
- panic, or
- assume there aren’t affordable solutions for people.
Everyone’s circumstances are different and, as independent mortgage brokers, we still see many affordable product options available on the market. Rest assured, our team are able to give independent, specialist, no-obligation advice on the options currently available. In doing so, we are bringing relief, peace of mind and reassurance to many homeowners in these uncertain times.
Do contact us for an initial chat.