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Secure your mortgage now against potential interest rate hikes

Mortgages

19 June 2023

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Wanda Moore

Calculations

Protecting yourself against any further potential increases in interest rates

As the market prepares for the Bank of England’s decision on raising the base rate, or not, now is the time to seek advice on your mortgage.

At this time, when there is uncertainty about future economic conditions, it’s important to understand what your options are. In the past two weeks, we have seen lenders withdrawing products from the market with little to no notice as they look to price in potential base rate changes, coupled with SWAP rates increasing again, now is the time to speak to an adviser.

If you’re coming to the end of your mortgage product in the next 6 months, now is the time to start looking into fixing a new deal in advance. If interest rises during this period, then you will have already secured your rate and won’t need to worry about any impending further rate hikes.

Most mortgage offers are valid for six months, so it is important to make sure you are aware of the time frame when considering switching to a new deal. With a 6 month lead in period to a new mortgage product starting, having an adviser continuously review the market will give you an advantage, this will give you the ability to secure a lower rate should there be any reductions in the lead up to your current product ending. In addition, it’s important to take into account any early repayment charges (ERC) when switching to a new deal as this could have an effect on your budget.

If you don’t do anything then your mortgage will go onto your lender’s Standard Variable Rate (SVR). This means your mortgage payments could go up or down, but in the current economic climate they are more likely to increase. Don’t miss out on the opportunity to save money and discuss with us how securing a mortgage now may be beneficial for your particular situation.

 

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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