Please be aware that by clicking on to the above links you are leaving The Independent Mortgage Partnership (Dundee) Ltd website. Please note that The Independent Mortgage Partnership (Dundee) Ltd nor HL Partnership Ltd are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.
The Independent Mortgage Partnership (Dundee) Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Conduct Authority.
The Independent Mortgage Partnership (Dundee) Ltd is registered in Scotland with company number SC478616. Registered Office: 30 Gullane Place, Dundee, DD2 3BF.
There may be a fee for mortgage advice. The precise amount will depend on your circumstances, but we estimate it will be £249.
The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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The Bank of England Raises Interests Rates to 5.25%
Today, the Bank of England has announced that they are increasing the base rate to 5.25%.
This rise is the 14th in a row by the Bank of England as they seek to control inflation (the cost of living)1, by making it more attractive to save money and reduce consumer spending by increasing the cost of borrowing money. Latest data indicates that inflation is starting to reduce from the highs seen earlier this year, standing at 7.9% for the latest figures from June.2
How will this affect my mortgage?
The overall cost of borrowing money may continue to rise further, so it is important to look at your individual circumstances to see whether you are affected directly by the change today, or whether you may start to feel the difference when your current mortgage term comes to an end.
• If you are on a fixed rate mortgage, your monthly repayments will be unaffected by the rate rise for the period that it is fixed for, however when it comes to finding a remortgage, there may be a significant increase in the monthly repayment amount.
• If you are on a variable-rate tracker mortgage linked to the Bank of England base rate, you will see an immediate impact on the amount you repay.
• If you are on your lender’s Standard Variable Rate (SVR), then you may see a rise in your monthly repayments, depending upon the decision of your lender.
Let us see how we can help
If you’re in any doubt as to what kind of mortgage you hold, or if you have any queries here, please do not hesitate to get in touch for our professional advice on your mortgage.
There’s an overwhelming amount of information online, some of it is conflicting or not applicable to you, so we would recommend you contacting us to let us look at your individual circumstances to provide bespoke information to allow you to make educated decisions to meet your financial goals for now and the future ahead.
Mortgage rates could be better than you think.
Despite the doom and gloom from the national headlines of prices and rates going up, in the mortgage world, things are starting to change, with some welcome announcements recently that certain lenders are announcing fixed-rate mortgage products at lower rates than seen earlier in the year.3
If you’ve been thinking of moving home, or if you have a remortgage coming up and you’ve been dreading what the potential costs could be, let us see how we can help. We have the ability to search across the market and can access deals that aren’t found on the High Street, matched to your exact circumstances and financial situation. You might be surprised at what we can find – so please don’t be put off by what you read online and book an appointment with us.
Please note, your home may be repossessed if you do not keep up repayments on your mortgage.
All the information in this article is correct as of the publish date 3rd August 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.
Sources:
1. The Bank of England. 2023. Why have interest rates gone up?. co.uk. Available at: www.bankofengland.co.uk/knowledgebank/why-are-interest-rates-in-the-uk-going-up [Accessed 01 Aug 2023].
2. Office of National Statistics (2023) Inflation and price indices. www.ons.gov.uk/economy/inflationandpriceindices [Accessed 01 Aug 2023]
3. The Guardian (2023) Mortgage rates ease as Bank of England’s bitter medicine shows signs of working. Available at: www.theguardian.com/business/2023/jul/30/mortgage-rates-ease-as-bank-of-englands-bitter-medicine-... [Accessed 01 Aug 2023]
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The Independent Mortgage Partnership (Dundee) Ltd is an appointed representative of HL Partnership Ltd which is authorised and regulated by the Financial Conduct Authority.
A fee may be charged. Full details will be provided before you proceed, if you wish to use our services. ... See MoreSee Less
Why have interest rates in the UK gone up?
www.bankofengland.co.uk
We’ve put up interest rates to get inflation back down.0 CommentsComment on Facebook
4 Bed Detached Villa in Monifieth Offers Over £225,000 | 11 Fontstane Street, Monifieth DD5 4LE ... See MoreSee Less
4 Bed Detached Villa in Monifieth Offers Over £225,000 | 11 Fontstane Street, Monifieth DD5 4LE
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An excellent opportunity to purchase a spacious, detached family home in a much sought after location of Monifieth0 CommentsComment on Facebook
Later Life Lending …….Did you know we offer advice on this too? 🏡 ... See MoreSee Less
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The news today about average 2 year fixed rates reaching 6.66% is worrying ☹️ If your current mortgage rate is due to end in the next 6 months, get in touch and we can review what options are available for you. ☎️01382 250510 ... See MoreSee Less
Two-year home loans hit 15-year high: Moneyfacts – Mortgage Strategy
www.mortgagestrategy.co.uk
The average two-year fixed-rate residential mortgage hit 6.66% this morning, pushing it above the level at the peak of the mini-Budget in October to a 15-year high. It rose by 3 basis points from Mond...0 CommentsComment on Facebook