There has been a lot of speculation recently around the Bank of England (BOE) increase in Base Rate. The BOE base rate had 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.
Rate decreases are always welcome news and can have a having a big impact. In the same way an increase is not always 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 fix the rate to protect you against further rises, at least for a specific period.
Unfortunately, we are not provided with the knowledge of future rates but with rumour of a further increase, now may be the best time to assess your finances.
Sam Brittain, our senior mortgage adviser, would love to help find the best mortgage deal for you. So give her 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
