Base Rate Increased to 3%

After several weeks of turbulence for the UK economy, the Monetary Policy Committee has just announced a further increase to the Bank of England base rate in a bid to stabilise the market and curb further inflation. 

Now at 3%, the announcement comes as no surprise to most and contrary to what some may lead you to believe, many industry experts predict this is a measure that will actually help stabilise the mortgage market.

Now you may be thinking that surely any increase is a bad thing.

Well, not necessarily – after the recent appointment of Rishi Sunak as Prime Minister and the Cabinet reshuffle, many believe that this latest increase will help add further certainty to the economy, help stabilise swap rates, give lenders confidence to update their rates and potentially bring back the 5-year Fixed offers that have been missing from the market of late.

Whilst there is a lot to be positive about, that is not to say that we are out of the woods just yet, only time will tell, which is why reviewing options now and getting expert advice gives you the best possible chance of avoiding ‘rate regret’ or limiting your future options.

Whether you are looking to remortgage or just want to check if you could reduce your costs on a new rate, we can help do just that with a quick (and free) portfolio review.

So don’t sit back – take the stress out of wondering what you should do next, and get our expert advice and the very latest rates.