A mortgage expert has explained how the rising interest rate will impact homeowners and what it will mean for the coming months.in interest rates by 0.25% meaning the current rate now sits at 4.25%.
She said: ‘If the end of your fixed-rate deal is approaching, it’s a tough call whether to lock in a new deal now, as the impact of current global economic instability’s effects on the BoE MPC’s next decision is difficult to gauge. She added: ‘Those with ongoing fixed-rate deals won’t need to concern themselves with interest rate fluctuations for the time being, given that changes won’t affect their repayments until the deal ends.
‘It’s obvious that this is a challenging time for first-time buyers despite a gradual decline in fixed mortgage rates since the initial spike following September’s mini-budget.
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Source: TheSun - 🏆 64. / 61 Read more »