Bank Of England Holds Base Rate...For Now!
While the Bank of England has held the base rate this month, it warns it may still rise in coming months. With mortgage lenders increasing rates in anticipation of a rise, it’s time to check you're on the best mortgage deal.
Best mortgage deals are on their way out
The Bank of England voted on 4th November to retain interest rates at 0.1%. But the days of super cheap mortgages may be numbered. Against the backdrop of rising inflation and the Bank of England saying interest rates may still rise in coming months, many lenders have been raising their mortgage rates over the past few weeks.
HSBC, NatWest and Barclays increased rates on fixed-rate deals in late October. This followed moves by Halifax, Nationwide and Santander.
However, it’s not all bad news. There are still some cheap deals around at the moment – and if you choose a fixed deal now you’ll be locking in your rate. So if and when rates do rise, you’ll be protected from the financial impact of it in your monthly repayments.
Finding the best mortgage deal is critical. It will determine how much you can borrow and your monthly repayment costs. You can find a mortgage or review your current deal now by contacting us at Mortgage Tree.