Smooth Brexit could mean Interest Rate Rise
It was clear from the recent local election results that no matter whether you’re behind or against Brexit that the biggest majority of people in the UK just want Brexit over and done with.
Since the UK voted either for or against Brexit in 2016, there has been an interest rate rise which was seen in 2018 when the Bank of England chose to increase rates by 0.25 percent. The Bank of England Base Rate now stands at 0.75% however, this is predicted to rise should Brexit all go smoothly during. It is likely that is will only be increased by 25 basis points but this will take the Base Rate to 1%.
Should the UK leave Europe without a deal, there is a chance that interest rates may be cut a little further despite warnings that they may need to be raised to counteract the weak pound that could lead to a jump in inflation.
Either way, a reduction or an increase in interest rates will mean a knock on effect for many who are on the housing ladder. If you’re unsure about how it could affect you, why not speak to a Mortgage Adviser and find out whether you could save yourself hundreds or even thousands of pounds each year. Call 03333 44 85 11 or email firstname.lastname@example.org