The Bank of England has increased the base rate from 5% to 5.25% this lunchtime, the 14th consecutive rise since December 2021, when rates were just 0.1% Here, CallumCMason examines what a 0.25 percentage point rise means for your money ⬇️
. Alternatively, if you live in a tourist hotspot, you may prefer to let a room in your home to holidaymakers.
So, even if you’re on a low fixed rate and don’t need to remortgage at the moment, it could well be worth taking steps now to alleviate the impact of the mortgage shock you will face in the future.every month into a high-interest savings account. You can now earn 4.63 per cent on easy-access savings accounts. Then you can potentially use these savings to pay off a chunk of your mortgage when you come to remortgage.Seven months before your deal runs out,.
“Tracker rates can be much lower than an SVR as well but will leave borrowers vulnerable to further rate rises. Borrowers should consider whether they want to lock into a fix now or if they can weather any increases in the hope that rates ease back over time. There’s no guarantee of that or when it may happen, so it will come down to the borrower’s attitude to risk and their ability to cope with higher rates.”If you are about to remortgage, you may be wondering what sort of deal to go for.
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