Bank of England base rate change: What does this mean? Will my Mortgage Interest rate go up?
As an Independent Mortgage broker, I get asked this question all the time. I always respond “we can only give factual information on the current interest rates and I can’t predict the future”. As much as I would love to know. I always educate my clients on the history of Mortgage interest rates and the history of the Bank of England rate to help them understand what has happened over the years. When I started working in the Financial Services Industry nearly 20 years ago the Bank of England base rate was at 5.75% and I wouldn't have guessed we would be at a 0.1% rate in September 2020. So today, we have the first increase to Bank of England base rates from 0.1% to 0.25%. A big surprise however still a historic low rate. The next question will be, “How will this impact my Mortgage or borrowing”? Get in Contact today for a bespoke Mortgage service to see if your monthly payment will be impacted if you are on a standard variable mortgage rate. #mortgage #interestrates #financialservices #bank #future . . . . YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY DEBT SECURED ON IT.
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