What does this mean for you?
Because of the uncertainties in the financial markets and the wider international economy, there has been speculation that the Bank of England would increase interest rates this month to counter the possible effects of a likely inflationary cycle.
This month, they have decided not to increase interest rates and therefore your mortgage repayments will remain as they are.
However, it is worth considering that as interest rate rises might become a reality in the near future, it is recommended that you review your current mortgage with your financial adviser at the first opportunity to ensure that you are in the best position to manage your mortgage repayments during this turbulent period.
Of course, we would normally contact you before your mortgage became due for renewal, to ensure that you are on the most suitable deal. But in the current situation we are advising all of our customers to speak to their adviser at the first opportunity to receive the most comprehensive review of the market and advice on the most suitable alternatives to counteract future interest rate rises.
It is estimated that 1.1 million people are still on a variable rate mortgage. If rates do increase, they may be looking at increased monthly payments. So, if you are one of them, it is time to take action now. Don’t get caught out on a variable rate! Talk to your financial adviser immediately. You can find our contact details here.