You may have seen in the news recently that The Bank of England’s Monetary Policy Committee voted to hold its benchmark interest rate unchanged at its historic low on Thursday 4th November. The vote was 7-2 in favour of no change. Andrew Bailey, the bank governor said that the decision had been a ‘close call’.
This came as a surprise to many people, as inflation and wages are forecast to continue to rise for the foreseeable future.
In mortgage terms, we have started to notice an increase in rates being offered by lenders, as it seems possible that a Bank of England base rate increase could be just around the corner. It’s interesting to note that the Monetary Policy Committee did not rule out a rate rise in their next meeting, which is due to take place in December.
Whichever rate you are on, it’s worth speaking with an adviser to discuss all your options, and what is best for you and your situation.
Mortgages can be complex, so seeking the help of an expert may ensure you don’t miss anything you may have otherwise. At Aqua, we make the process clear and transparent, so don’t hesitate to get in touch.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
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