The first rate rise in a decade: Some useful information for you
The confirmation of long talked about rate rises was finally confirmed on Thursday 2nd November when the Bank of England's Mark Carney confirmed the 0.25 percentage point increase taking the rate to 0.5%.
Those on a variable rate mortgage are likely to see an immediate impact. Credit cards, personal loads and even overdraft agreements would also be expected to rise.
We have found two articles which we think may be of interest to you and which help clarify the position, depending on the type of mortgage you have.
The first is from the FT Adviser and highlights what the rate rise may mean to you which you can read here whilst the Telegraph Article looks at the different types of mortgages as well as when some of the primary mortgage lenders anticipate implementing the new rates.
Borrowers can secure new fixed rate deals up to six months ahead of the expiry of their current deal. Why not get in touch to see how we can help secure the best available rates ahead of any further increases. You can make an appointment by emailing us or calling 0141 572 1340. You can also read more on our mortgage services here.