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Base Rate Rises Again
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Published: 11th May 2023
This Article was Written by: Adrian Anderson
Today the Bank of England raised the base rate by 0.25% to 4.5%. This is the highest the interest rate has been since 2008. Driven by the stubbornly high inflation, it’s not good news for many homeowners.
In light of the prolonged cost-of-living challenges, we are seeing more clients look to move to interest-only mortgages. This may increase further as an expected 1.4million householders have fixed-rate deals ending this year.
Homeowners do though need to be cautious about the longer-term financial implications of the fixes they are turning to in the short-term. It is important to gain independent advice to find options that will work for your current finances, but don’t become a drain longer term.
At Anderson Harris, we are helping many homeowners ride out the challenges of the current economic landscape. Contact one of our team for independent, specialist advice.