16/12/2021
BANK OF ENGLAND BASE RATE HAS RISEN!
The MPC has decided to increase the Bank of England Base Rate from 0.1% to 0.25%, the first rate increase since August 2018!
1/ For all the people that are secured on fixed rates, there will be no changes to your mortgage rate and payments!
2/ If you are currently on a rate that tracks the BofE base rate (typically a tracker rate) then your lender will write out to you confirming your change in payments and when from.
3/ For people with their mortgages on standard variable rates, you will be notified in writing should the lender want to pass on the increase in base rate to their customers.
If either 2/ or 3/ applies to you, it may be worth discussing the option of remortgaging or switching rates to protect yourselves against any further increases to the base rate. Please get in touch to discuss your options, our amazing team at BBFS will be more than happy to talk you through it all!