Interest rate increase: August
The Bank of England has made the decision, to yet again, increase the base rate from 1.25% to 1.75%. This will mean high monthly payments on variable mortgages. This is now the biggest rate hike for 27 years. It is the largest increase since 1997 and we are now taking UK interest rates to a 13-year high.
How does this affect your mortgage?
The base rate change wont affect your mortgage repayments on a fixed rate mortgage, however, if you are on a variable rate mortgage, your repayments are likely to change.
If you are thinking of selling in light of these mortgage changes or you would like to speak to an agent about buying or selling a property please get in touch with us here.
We also work with recommended financial advisors and cover these topics in the Cardiff Landlord Forum.