11/05/2023
Today the Bank of England's Monetary Policy
Committee (MPC) voted to increase the base rate by 0.25 percentage points, taking the base rate to 4.5%. ⬆️
The base rate is the interest rate set by the Bank of England's Monetary Policy Committee (MPC), which the Bank of England then uses to charge other banks and lenders when they borrow money. Though it is not guaranteed, the base rate often influences the interest rates many lenders charge for various lending products, including mortgages. Time will tell! 🕰️
The change has happened to control inflation and maintain economic stability. 📊🤞
Those on tracker rate mortgages may see their payments increase, but there are options to help ease the burden. If you are on a fixed rate your monthly repayments will not be affected.
Should you be concerned about how the rate will affect your mortgage, message me!
🏡 💰 🏠 💵 📞 📝
