What’s happening?
February 28th, 2023
The latest Bank of England rate rise made for an interesting week!The latest Bank of England rate rise made for an interesting week!
The Bank of England announced yet another base rate increase but in the week leading up to the announcement, lenders were reducing their fixed mortgage rates.
Sadly, this doesn’t get the wide spread coverage it should but instead the mainstream press would prefer a negative spin on events.
However, mortgage borrowers with tracker rates are very much in the minority.
So, a significant drop!
Where will it all end I hear you say?
Well, that is still up for speculation.
What is clear is that customers feel a little happier and so we hope this will stimulate activity in the market going forward.
If you’ve a tracker rate mortgage in particular and want to explore your options, please feel free to call Compass Mortgages and speak with one of our friendly and knowledgeable advisers on 01903 815444.
The Bank of England announced yet another base rate increase but in the week leading up to the announcement, lenders were reducing their fixed mortgage rates.
Sadly, this doesn’t get the wide spread coverage it should but instead the mainstream press would prefer a negative spin on events.
Of course, if you have a tracker rate mortgage then you will be affected with an increase to your monthly payments.
However, mortgage borrowers with tracker rates are very much in the minority.
Since the “events” following the promotion of Liz Truss to PM interest rates rocketed so that some fixed rates were in excess of 6%!
As was expected Compass received lots of calls from concerned borrowers with regards their own circumstances.
Since then, some kind of normality seems to have settled around mortgage interest rates and from their peak of around 6% rates have in just a few months come down so that there are 5-year fixed rates (at the time of writing this piece) in the mid 3% range!
So, a significant drop!
Where will it all end I hear you say?
Well, that is still up for speculation.
What is clear is that customers feel a little happier and so we hope this will stimulate activity in the market going forward.
If you’ve a tracker rate mortgage in particular and want to explore your options, please feel free to call Compass Mortgages and speak with one of our friendly and knowledgeable advisers on 01903 815444.
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