On February 1st the bank of England made a decision to freeze interest rates at 5.25% for the fourth time in a row. This has been seen as a positive by many however some in the industry are calling for a cut in the rate to help ease the effects of inflation on real families across the UK.
Inflation is effecting all families across the UK right now with their utility bills, grocery shopping, council tax, gas…pretty much everything that we have to purchase on a weekly or monthly basis. Prime Minister Rishi Sunak has promised a commitment of halving the rate of inflation from 11% to 4%, this will help immensely with all of the above.
So how will the interest rate freeze and lower inflation effect your mortgage?
Most homeowners currently leaving a fixed rate mortgage have a rate of somewhere between 0.25% and the current 5.25% meaning making a decision on whether to fix again at the current rate a tricky decision. With the prime ministers promises and the bank of England under pressure is waiting or fixing the better option?
Call us today to discuss the pros and cons and work out the best way forward for you and your family…
The Mortgage Desk – 0800 975 0222 themortgagedesk@gmail.com
