The Bank of England recently announced that interest rates in the UK have risen from 0.25% to 0.75%, the highest they have been since March 2009. With this in mind, as a landlord or homeowner, it is the perfect time to assess your current deal to check you are getting the best offer available.
The rates though are still comparatively low to several European and Global nations as well as historically; it is still a great time to consider moving and there are several deals to be had from banks in the UK. Availability to borrow is still very good and many lenders are still keen to give out money to first time buyers, prospective movers and landlords.
The average standard variable rate mortgage in England is 4.72% meaning that on a £150,000 mortgage the rise is likely to increase the annual cost by £224. With a free mortgage review you may be able to get on a deal that means your costs annually do not increase. For example:
£250,000 house with a £200,000 mortgage on the average rate over 25 years = £1,136.79 per month v £250,000 house with a £200,000 mortgage fixed rate over 25 years = £804.58 per month (fees may apply).
With potential further rate increases on the horizon, it could be time for you to take advantage of our completely free mortgage reviews to ensure you are on the best deal.
Get in touch with your local branch to discuss your current offer.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE