Further Rate Rises in 2018?

If you’re not aware that there has been a rise in the Bank of England Base Rate, then where have you been?

 

As many had already predicted, there was an increase in the Bank of England’s Base Rate back in November this year which many lenders immediately passed on to their customers who held mortgages.

 

The interest rates had been at a record low and many mortgage holders throughout the UK had taken advantage of such great rates.

 

As 2017 draws to a close there is already talk about further interest rate hikes being likely throughout 2018. If the Bank of England should raise the Base Rate any further, it is highly likely that mortgage lenders will pass on these rate rises to their customers.

 

If this is the case, the average mortgage would mean that homeowners would be paying out hundreds of pounds extra each year and this can put a strain on households especially with the average rise in wages not keeping up with inflation at present.

 

It really is time to sit down and assess your mortgage requirements, you could potentially save yourself a lot of money going forward into 2018 and there are still plenty of deals available on the market that can fix your monthly mortgage cost for up to a decade saving thousands of pounds in the long run.

 

So, why not get in touch today and speak to an Advisor? We can help and assist you with finding the right mortgage deal for you and your circumstances. Call 03333 44 85 11 or alternatively, you can email enquiries@onlinemortgagecalculators.co.uk and we’ll get back to you as soon as possible.