The MPC meet tomorrow 16th June to consider another increase to the Bank Of England base rate, most are anticipating a 0.25% increase with some economists calling for a 0.5% increase, but what impact will this have on mortgage rates and potential homeowners.
If you currently have a mortgage on a fixed rate deal, your interest rates will not change initially as you are tied into your current product, but this will come to an end at some point & its best to find out when your fixed rate ends so you can secure a new fixed rate product.
All mortgage lenders will be waiting in anticipation of the news and will likely make changes to their current product offering based on these changes, some lenders will act instantly and others will increase rates over the proceeding days.
For all First Time Buyers currently in the market for a property & those looking to move home, as interest rates are expected to increase throughout this year, speak with a mortgage broker to discuss your own individual needs & costs of the mortgage funds you intend to borrow & the change this will have on your monthly payments.
