The Bank of England has just raised the interest rate from 0.25% to 0.5% So what does the interest rate increase mean to you?
In short, not a lot!
If you are currently in a fixed mortgage you will see no increase in your repayments until after the end of your fixed period. Before this point our Mortgage Specialists will be in touch to offer free advice on what new mortgages are available.
If you are currently looking to a secure a new mortgage the rate increase will have very little impact on repayments. For example, if you purchased or are looking to buy a two bedroom Gleeson home at £100,000 or less with Help to Buy you will be paying around £2.30 more per week. Equivalently on a 3 bedroom Gleeson home at £124,995 or less the payments will be around £2.77 more per week. Less than a pint of beer!
If you have a 95% mortgage product then the increase will be about £3.47 per week on a 2 bed and £4.15 on a three bed.
So, let’s look at that in real terms! If you buy just two less coffees per week, or maybe take your lunch to work instead of buying those costly meal deals you’ve got the increased covered.
Our Mortgage Specialists are always available via the LiveChat on our website and are ready and waiting to answer any questions you have about interest rates.