It may be time to jump on the rate band wagon!
We all like to think of what we could do with a little extra money…. An extra date night per month, save for the trip of a life time, buy new shoes or even top up your pension.
Since November last year, there has been a lot of commentary around the Bank of England (BOE) increase in Base Rate. The BOE base rate has been at 0.25% since August 2016 and prior to that was 0.50% for more than 7 years. These have been the lowest rates in history!
When the BOE base rate changes it naturally effects mortgages which track the base rate, however this may not be the case for other mortgage types.
As part of the changes, the BOE has a Term Funding Scheme which has mechanisms in place which will encourage the banks to pass on the rate changes!
Rate decreases are always welcome news and can have a having a big impact. In the same way an increase is not always a welcome in the world of mortgages.
For those people who have the old style tracker mortgages, that closely track Bank of England base rate, you have obviously been the biggest winners - having benefitted from much lower mortgage repayments over the last 7 odd years. For those of you that don’t, it may be time to look at your mortgage and see if you can save money, to spend the way you would really like.
Unfortunatly, we are not provided with the knowledge of future rates but with speculation of a further increase and the change in investement property taxation, now is the best time to assess your finances.
It’s not often that we are given an opportunity to choose what we spend our money on, so please don’t miss out!
I would love to help find the best mortgage deal for you. So give me a call on 0345 241 1102 to get the ball rolling or email your enquiry to sam@odysseywealth.co.uk
Your home may be repossessed if you do not keep up repayments on your mortgage
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