Bank Rate hits 3% and the world is about to end
Newspapers have a habit of exaggerating a bit in their headlines. Last week the Monetary Policy Committee voted to increase the Bank of England’s Base Rate by a further 0.75%. This most recent increase now marks the 8th time the rate has been revised since December 2021 and has sparked a renewed fear around mortgage rates and the nations ability to keep up with their repayment commitments.
What in reality is a small adjustment to the base rate has been framed as a seismic event set to plunge mortgage holders in to the depths of mortgage prison, never to see the light of day again. Now this isn’t to say that the mortgage landscape hasn’t shifted.
Those remortgaging now will definitely be moving onto a higher interest rate than they’ve been used to but the notion that nothing can be done about it couldn’t be further from the truth.
The reality is that your mortgage can be organised in a multitude of ways. If you’re worried about higher payments during the current cost of living crisis then there will be a mortgage which suits you!
If your main concern isn’t affording your repayments but maximising your rental yield whilst rates are higher then there is a mortgage out there for you too!
There are over 4,000 mortgage products available and that’s because everyone has different borrowing goals or concerns.
Experts like the brokers at Prospect Tree Mortgages are here to throw a bucket of water on the campfire horror stories that the media put out to scare you and give you practical and understandable advice to ensure you’re making the best decisions surrounding your mortgage.
So if the media has you concerned then give us a call and we can help find ways of keeping more money in your pocket.
We genuinely care about our customers so please remember that: A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME OR PROPERTY. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU CANNOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER LOAN SECURED AGAINST IT.
What options do I have?
If you’re asking this question then you’re in the right place. Book a free telephone call with one of our friendly mortgage experts today and discover the ways you could save money today.
How to get in touch?
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0800 8620 840