The Bank of England monetary policy committee is widely predicted to raise the base rate of interest on Thursday 16th of June 2022 to anywhere between quarter, to as much as half a percentage point, which would take the base rate of interest to 1.5 per cent.
Luckily, there are still some great 5-year fixed rate mortgage deals available for existing homeowners and those looking to buy a new home.
Also, if you’re an existing homeowner, you can actually book your new mortgage deal up to 6 months in advance of when your current deal expires to get ahead of any further base rate increases.
According to figures from UK Finance for existing homeowners, in the region of 3.2 million face higher mortgage payments in 2022. There are around 1.3 million fixed-rate mortgage deals are ending at some point in 2022, which will push borrowers to refinance and setup a new mortgage deal at a higher interest rate. There are also nearly 1.9 million homeowners on a variable or tracker mortgage, which move automatically in line with interest rates.
So why wait until your current mortgage deal expires and interest rates potentially increase further? get in touch and our expert mortgage broker team who will be happy to secure and setup your new fixed rate mortgage now. And because they search the whole of the UK mortgage market they can help you save time and money too.
You can contact us and book a meeting here or via the link below:
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If you’re based in Norwich or Norfolk, our Mortgage Brokers offer face to face meetings (video and telephone appointments also available)
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
