With the next Bank of England Base Rate announcement this week, there is lots of talk about the impacts this expected further rate rise will have for people coming to the end of a fixed rate deal. Our CEO, Alastair McKee, was a guest on TalkTV to offer some helpful mortgage tips. He shared valuable insights and expert analysis on the potential impacts of Bank of England’s base rate increases. As an industry expert, Alastair shed some light on how these rate changes could affect the mortgage market. As well as what people can do if these increased rates mean that they can no longer afford their mortgage payments.
The average two-year fixed-rate is now above 6% and these rates will be a shock for those coming to the end of their deal. There is speculation that rates are likely to increase further and most lenders will let you secure a fixed rate up to six months before your current deal ends. So if you are on a deal that is ending soon then now might be the right time to think about fixing.
Acting now will insure you against any future rate rises. So now is the time to be looking at what’s available. If you decide to lock in today’s rate as an insurance policy against further rate rises, you can continue with your current deal until it ends at which point the rate that you’ve locked in will begin.
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Are you coming to the end of your fixed-rate term? Here at 177 mortgages our team of experts can help whatever your situation. From a simple product transfer with your existing lender to a re-mortgage with a new provider. We will ensure that we find all of the options available to you. Don’t delay and get in touch for no-fee, independent advice to see how we can help you fight interest rate rises.