We are all facing the prospect of rising mortgage rates

We are all facing the prospect of rising mortgage rates

11:42 AM, 30th January 2023, About A year ago

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Just over a year ago, the Bank Base rate was 0.1%. Since then, there have been 9 consecutive increases with the rate now at 3.5%.

It is predicted that the rate will increase by a further 0.5% this coming Thursday, bringing the rate up to 4%. It is also forecast that the bank rate will further increase by the middle of the year to 4.5% and quite possibly higher with inflation still above 10%.

More than 1.4 million households in the UK are facing the prospect of interest rate rises when they renew their fixed-rate mortgages this year.

Those on a tracker or standard variable rate (SVR) and those coming to the end of a fixed rate, will feel the most immediate pain

On top of this, the tightening of criteria by the mainstream lenders has been a factor since covid, which has been even more prevalent since Liz Truss’s disastrous mini-budget last autumn. Many borrowers are now falling foul of restricted lending policies.

Why Use Brooklands Commercial Finance for your new mortgage?

  • The average shelf life of a mortgage product is now 15 days, before they are pulled by lenders.
  • Many of the best mortgage deals are only available through mortgage brokers
  • It is important to engage with the broker as early as possible in order to take advantage of any rate changes, to ensure you get the best deal possible
  • Over the last 20 years Brooklands have always focused on the best outcome for our clients. In order to ensure this, we use the most sophisticated sourcing systems, from the whole of the market.

Contact Brooklands Commercial Finance

  • How can I help you?

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