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The Bank of England has raised interest rates further in what will be a blow to some borrowers in Northern Ireland, although others will see no immediate impact.
Helmut Elstner, managing director of The Mortgage Clinic, highlighted how the interest rate rise will impact mortgage borrowers in Northern Ireland, saying that those on fixed rate mortgages will notice no difference to their payments immediately but could see effects if their mortgage deal is due to expire in the coming months.
"Even though interest rates have been increased by the Bank of England, this does not mean that banks will start to offer worse deals for new fixed rate mortgages, because despite the BoE raising interest rates 12 times in a row, over the past six to seven months banks have actually being lowering their rates due to the high rate of competition within the market.
"However I do understand that while this may not seem like a large initial increase, there will be customers feeling the pressure as 12 consecutive small increases to the mortgage payments.
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