The bank of England’s monetary policy committee met again today and have increased their base interest rate by 0.75% to 3%, this is the single largest increase in the rate since 1989.
Full notes of their meeting can be found here Monetary Policy Report – November 2022 | Bank of England
This increase will immediately affect mortgage holders with tracker rates and will likely to be passed on to customers on discounted or variable interest rates. Mortgage holders on fixed rates will not be affected immediately but anyone with a fixed rate coming to an end within the next 6 months should begin to consider how they are going to be affected.
Our advisors have many years’ experience of dealing with mortgages and obtaining new products and this can be done up to 6 months in advance with some lenders.
If you’re on a variable rate or coming to the end of a fixed rate before May 2023, now is the time to contact us. You can arrange to speak by filling an enquiry form and selecting “Remortgage a property”, calling us on 01423 611004 or by booking an appointment on our contact us page.