The bank of England’s monetary policy committee met again yesterday, 15th December, and have increased their base interest rate by 0.5% to 3.5%, this is after increasing it in November again by 0.75%.
Full notes of their meeting can be found here – Monetary Policy Report – December 2022 | Bank of England
This increase will immediately affect mortgage holders who have a tracker product linked to the base rate and could potentially be passed on to customers on discounted or variable interest rates – if lenders follow suit and change their Standard Variable Rate (SVR). 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 speaking to an advisor to see how they could be affected and what plans can be put in place now, to be fully prepared for when the fixed rate finishes.
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 up to the end of June 2023, now is the time to contact us. You can arrange to speak by filling out an enquiry form and selecting “Remortgage a property” or booking an appointment on our contact us page.