It comes as no surprise to hear of the latest increase in interest rates, outlined by the Bank of England this afternoon. After the twelfth (yes, twelfth) successive rate hike, the 0.25% unfortunately wasn’t at all unexpected. Today's announcement has pushed the base rate up from 4.25% to 4.5% in an attempt to tackle inflation which is stubbornly hanging on at 10.1% - a far cry from the target rate of 2%.
Whilst some customers are still being protected (for the time being) by their fixed rate deals, those who've fallen onto their lenders standard variable will feel the sting compared to the lower mortgage rates on offer this time last year!
Whilst mortgage rates remain intractably high since the LIz Truss mini-budget fiasco, we're gradually seeing a encouraging return of competitive mortgage products and rates being offered by uk lenders.
With access to over 12,000 mortgage products across 90 lenders, speak to us today fee-free to find the right solution for your remortgaging needs.
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Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.