If you have a mortgage, the latest report from the Bank of England makes for important reading.
The Bank’s financial policy committee has warned that 5.2 million UK households could face higher mortgage repayments by the end of 2028, driven by the ongoing economic fallout from the Middle East conflict. That is 1.3 million more households than the Bank had previously forecast, as lenders begin pulling cheaper deals from the market and fixed rates continue to rise.
Average two-year fixed rate mortgages have already increased by 0.8 percentage points, with five-year fixed rates up by 0.7 percentage points. The Bank held its base rate at 3.75 per cent last month, and with economic uncertainty continuing, the outlook for borrowers remains challenging.
At Drivers & Norris, we believe our responsibility to you goes far beyond finding the right property. That is why we work exclusively with Mortgage Advice Bureau, one of the UK’s leading award-winning mortgage brokers, to ensure you have the right financial support at every stage of your move.
Whether you are buying your next home, remortgaging your current one, or simply reviewing your options, our Mortgage Advice Bureau partners can search thousands of deals across the market to find the right solution for your circumstances.
The most important step you can take right now is to speak to an expert before your current deal expires. Acting early means you can avoid being moved automatically onto a more expensive rate and gives you time to secure the most competitive deal available.
Speaking to an advisor is free and carries no obligation. It takes just a short conversation to understand your options and could make a significant difference to your finances in the months ahead.
Get in touch with our Mortgage Advice Bureau partners today.
— Drivers & Norris
Source: The i Paper