This is, understandably, very stressful, but there are a couple of actions that may help you ahead of time, if you expect your current mortgage interest rate to rise: In reality, if you've had a mortgage for more than two years, your rates will likely increase when you remortgage in the current climate. Staying on top of current mortgage news is a good way to keep a check on the market. This could, of course, change depending on economic conditions. It's not predicted to reach those heights again any time soon, but analysts currently expect the base rate to rise to between 6% and 8% by the end of 2024. Historically, the highest base rate recorded was 17% back in 1979. The Bank of England's Monetary Policy Committee will make their next decision on the base rate on 3 August 2023. It's, therefore, highly likely to continue rising and we'll see a knock-on effect in the mortgage rates available. This is largely because the Bank of England base rate has already risen 13 times in succession, and not yet managed to tame inflation. In this turbulent market, it's difficult to forecast too far ahead, but rates are predicted to continue rising until at least the end of 2023. Repayment mortgage of £168,000.00 over 25 years, representitive APRC 7.6%. Other fees may apply.Ħ0% LTV 5 Year Fixed - Virgin Money - 5.25% Repayment mortgage of £196,000.00 over 25 years, representitive APRC 7.6%. Other fees may apply.ħ0% LTV 5 Year Fixed - Virgin Money - 5.27% Repayment mortgage of £224,000.00 over 25 years, representitive APRC 7.7%. Other fees may apply.Ĩ0% LTV 5 Year Fixed - Virgin Money - 5.5% Repayment mortgage of £252,000.00 over 25 years, representitive APRC 7.5%. Other fees may apply.ĩ0% LTV 5 Year Fixed - Barclays Bank - 5.6% Early repayment charges apply until 2 years. Repayment mortgage of £168,000.00 over 25 years, representitive APRC 8.5%. Other fees may apply.Ħ0% LTV 2 Year Fixed - MPowered Mortgages - 5.79% Repayment mortgage of £196,000.00 over 25 years, representitive APRC 8.8%. Other fees may apply.ħ0% LTV 2 Year Fixed - Virgin Money - 5.85% Repayment mortgage of £224,000.00 over 25 years, representitive APRC 8.5%. Other fees may apply.Ĩ0% LTV 2 Year Fixed - MPowered Mortgages - 5.99% Repayment mortgage of £252,000.00 over 25 years, representitive APRC 7.3%. 90% LTV 2 Year Fixed - Principality BS - 6.2%
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