The Bank of England has raised its bank rate today to 0.75 per cent and we’re here to cut through the jargon and answer, what does this mean for you and your mortgage?
I’m on a fixed rate mortgage
Generally speaking, if you’re on a fixed rate mortgage, you won’t see a difference in your payments.
For those of you who still have a while left on your fixed rate mortgage i.e. 3 or 4 years, you won’t notice any difference in your payments now. However, if you’re close to the end of your term, please bear in mind that when your term ends, you’ll fall onto the lender’s variable rate which could result in a rise in your payments.