Bank of England increase base rate from 4.25% to 4.50%.
See what the recent announcement means for mortgages below:
👉🏼 𝐅𝐢𝐱𝐞𝐝 𝐦𝐨𝐫𝐭𝐠𝐚𝐠𝐞𝐬: payments WON’T change. Payments remain the same until your product expires. If your current deal ends within 6 months, it is a good idea to review your mortgage soon to avoid a potential high SVR 👇🏼
👉🏼 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝 𝐕𝐚𝐫𝐢𝐚𝐛𝐥𝐞 𝐑𝐚𝐭𝐞 (𝐒𝐕𝐑) 𝐦𝐨𝐫𝐭𝐠𝐚𝐠𝐞𝐬: following the end of a fixed mortgage you’ll revert to the SVR. Interest rates rise and fall at the lenders discretion. Your payments may go up making it harder to budget.
👉🏼 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐦𝐨𝐫𝐭𝐠𝐚𝐠𝐞𝐬: payments go up if the lender increases their SVR; discount mortgages provide a ‘discount’ off the SVR for a certain period of time.
👉🏼 𝐓𝐫𝐚𝐜𝐤𝐞𝐫 𝐦𝐨𝐫𝐭𝐠𝐚𝐠𝐞𝐬: payments WILL go up as tracker mortgages ‘track’ the Bank of England base rate.
If you have any queries or worries regarding your mortgage our Financial Advisor is always here to help and advise
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