Property News · August 8, 2017

Mortgage rates will rise – so 
are you ready 
to take a hit?


Borrowing costs may still be at an all-time low but be prepared for bigger bills – they are on their way soonMortgage holders can breathe a sigh of relief after the Bank of England decided last week to leave borrowing costs at an all time low – but it came with the warning that interest rate rises are on the way. The current 0.25% rate is the lowest in the bank’s 323-year history and changes upwards could lead to homeowners, who have borrowed at the reduced levels, to face increases in their bills in the near future.“Just a slight rise to the Bank of England base rate could really hit consumer finances hard, and it’s not something they would see coming, considering the low interest rate environment today,” says Rachel Springall, of the financial data website Moneyfacts. Continue reading…

Source : theguardian.com
Read more…Mortgage rates will rise – so 
are you ready 
to take a hit?

You may also like...