As you will no doubt be aware, the Bank of England raised interest rates again last week – this time by 0.5% to 1.75% – as it attempts to slow soaring inflation figures, which is predicted to hit 13% before the end of the 2022.
Mortgage lenders were quick to pass on the rise in costs to its borrowers on variable and tracker products – with even those home owners shielded by rises in the short term reaching for their calculators to assess the impact on their finances when their current fixed rate deal ends. Coupled with concerns regarding rising energy costs, it has never been more important to make sure you are armed with the most up to date information and to take advice on a long-term mortgage strategy.
We have been busy this week ensuring that our clients – either with fixed rate mortgages coming to end, or just over the horizon – know about the best currently available rates, which are as follows.
3.24% fixed for two years
3.29% fixed for three years
3.16% fixed for five years
3.39% fixed for seven years
Here at The Financial Planning Group, as well as providing access to the best fixed-rate mortgage deals from across the whole industry, rather than from just one or two lenders, we are able to reserve the best rates currently available for our clients for eight months. This can prove invaluable and reassuring.
If you’d like to discuss the best way of securing a longer fixed rate mortgage deal then please do not hesitate to contact Steve Padgham at The Financial Planning Group via e-mail at or by calling 020 8977 7090.
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