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Base rate rises by 0.5%
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Published: 22nd June 2023
This Article was Written by: Adrian Anderson
Today the Bank of England raised the base rate by 0.5% to 5.0%. With inflation remaining stubbornly high, it’s not good news for many homeowners, particularly those joining the property ladder or with a fixed-rate mortgage coming to the end of its term.
It is predicted that fixed-rate pricing will continue to increase over the coming months. It is therefore important that you speak to your mortgage broker as early as possible, so that the cheapest possible terms can be explored.
After 14 years of ultra-low mortgage rates, many people are now going to have to adjust accordingly. If you are re-mortgaging, there may be some different options that your mortgage advisor can explore that you may not have thought about yet.
Also, and despite recent headlines, there are still products on the market for those looking for their first mortgage or those refinancing at the end of a fixed term.
At Anderson Harris, we are helping many potential and existing homeowners manage the challenges of the rate rises. Do contact one of our team for independent, specialist advice.