Rising rates have been a feature of the mortgage market for almost a year. Following the latest Bank Rate rise, how should mortgage holders react?

What happened?

With Bank Rate at its highest level in 15 years, in the short term, this will affect any mortgage holders with a tracker or variable rate mortgage through higher repayments. Mortgage holders with fixed-rate mortgages are protected for now but could be forced to pay more when their current deal ends.

What next?

With inflation still high, the Bank of England (BoE) is expected to continue increasing Bank Rate until the middle of 2023, at which point it is predicted to peak.

Interest rates seem high now after a decade of ultra-low figures, but the current rates fit into longer-term market cycles.

Finger on the pulse

We’re here to keep things in perspective and help you find the most suitable mortgage for your needs.

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If you are a mortgage holder or are looking for Independent Mortgage Advice, get in touch today.

Whether you’re a first-time buyer, moving home, looking to raise capital or simply want to save money on your mortgage deal we are here to help.

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As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.

It is important to take professional advice before making any decision relating to your personal finances. Information within this blog is based on our current understanding of taxation and can be subject to change in future.

It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK; please ask for details. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor.

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.

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