May
7
Bank of England Maintains Bank Rate at 0.5%
Filed Under General, interest rates, Mortgages | Leave a Comment
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Breaking News: Bank of England Maintains Bank Rate at 0.5%
This morning on BBC Breakfast Television (www.bbc.co.uk/breakfast) Ray Boulger from Charcol (read his blog here: http://www.charcol.co.uk/knowledge-resources/ray-boulgers-blog/) mentioned that now was probably the best time to look at getting a fixed rate mortgage for a five year term minimum if you can. Yes the fees are quite high and Yes you may be locking into a rate that’s higher than the current pay rate on the Standard Variable Rate (or SVR for short) BUT if you can afford the increased rate, then what you are doing is effectively locking in your payments so that in the event that base rates go up (as I and others believe they will) you won’t be hit in the pocket with any nasty suprises!
Go and see your financial adviser/mortgage broker now and look at whether now is the best time for you to fix your rates. If you haven’t got an adviser and you live in London, contact me and I’ll give you the name of my personal financial adviser. Happy mortgage hunting!