The Times - What the Bank of England base rate rise means for your mortgage
Millions of homeowners will instantly feel the impact of the Bank of England’s base rate rise this week.
Aaron Strutt from the mortgage broker Trinity Financial, told The Times: “The super-cheap rates have got more expensive, but they still offer incredible value for money. If you need to remortgage it is well worth checking how much you need to pay to qualify for the next LTV bracket. If you are locking into a longer-term rate, a small capital repayment may mean that you could qualify for a much cheaper rate. If you have had work done, you may also be able to get your home revalued and get a cheaper rate.”
Strutt added: “Most of our clients are locking into five-year fixes because they are concerned about future rate rises. If you want longer-term security the seven and ten-year fixes are not much more expensive — they are well below 2 per cent.”
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