BASE RATE INCREASE

 Bank of England increase base rate from 4.25% to 4.50%.

See what the recent announcement means for mortgages below:

???????? ???????????????????? ????????????????????????????????????: 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 ????????

???????? ???????????????????????????????? ???????????????????????????????? ???????????????? (????????????) ????????????????????????????????????: 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.

???????? ???????????????????????????????? ????????????????????????????????????: payments go up if the lender increases their SVR; discount mortgages provide a ‘discount’ off the SVR for a certain period of time.

???????? ???????????????????????????? ????????????????????????????????????: 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