Amongst the current economic turmoil, we have inflation at a 41-year high, at 11.1%, the Bank of England Base Rate has risen to 3%, and there’s been a sizeable hike in the rate of interest offered on mortgages, when compared to a year ago – or even back in the Summer!*
These issues will concern the many residential and landlord borrowers coming to the end of their deal periods** over the next year. And, will be a concern too for those wanting to take their first step onto the home-owning ladder.
However, with a degree of calm returning to the markets, despite the tough tax decisions we’ve highlighted from the Autumn Statement, there have been slight drops in some of the deals on offer. So, whatever your needs, do get in touch to see how we can help you.
Elsewhere, in this issue, we signal the importance of ensuring that you have (or continue to have) a suitable level of Protection Insurance in place should either the worst happen, or if you find yourself unable to earn an income due to illness or injury.
Finally, the First-Time Buyer faces conflicting issues, such as possible house price falls, and reduced levels of Stamp Duty to pay (if at all), set against higher interest rates. It makes sense to take advice.
I hope you find this issue of interest, and do get in touch if you have any questions.
* Office for National Statistics, November 2022, Bank of England, November 2022; Moneyfacts, November 2022 data
** UK Finance, September 2022
You may have to pay an early repayment charge to your existing lender if you remortgage.
As with all insurance policies, terms, conditions and exclusions will apply.
Your (home / property) may be repossessed if you do not keep up repayments on your mortgage.
