The Bank of England has indicated that interest rate rises could become “more frequent” than had been previously forecast – with the Bank’s Governor, Mark Carney, predicting that if the ongoing Brexit stalemate continues, along with an expected pick-up in inflation and growth, then we are more likely to see a hike up from the 0.75% base rate that has been in place since August 2018.
Mr Carney warned, that if something broadly like this forecast comes to pass; “It will require interest rate increases over that period and it will require more, and more frequent interest rate increases, than the market currently expects.” Just take a moment to think and ask yourself… how would that scenario affect you and your family?
The fact is that more than 3.5 million people are signed into variable or tracker mortgages, and even a single quarter-point rise could negatively impact their household expenditures to the tune of several hundred pounds per month. However, a series of rises could lead to more serious implications. You should consider protecting yourself against such a scenario wherever possible.
Steve Padgham, Head of Mortgages at The Financial Planning Group, is currently able to secure his clients 2-year fixed rate mortgage deals at just 1.5%, with the 5-year rate fixed at 1.80%, which should offer real peace of mind during the current volatile and unpredictable economic landscape.
Remember, The Financial Planning Group can also secure mortgage deals six months ahead of your current deal expiring, as well as remortgaging with your existing lenders WITHOUT the need of detailed re-application or the necessity of updating an individual’s status – so you really should speak to Steve Padgham today about what options are available to you.
If you would like to speak about your mortgage or re-mortgage, please feel call Steve Padgham on 020 8614 4782 or email Steve.Padgham@fpgonline.co.uk