The Bank of England has increased interest rates from 0.25% to 0.5% in the first interest rate rise since July 2007.
The move reverses the cut made in August of last year, which was made in the wake of the vote to leave the European Union.
An estimated four million households are likely to face higher mortgage repayments as a result of the interest rate rise, and those borrowing money for other purchases are also likely to be affected.
Savers are likely to benefit from the change, as interest rates on current and savings accounts may increase over time.
If you’re on a variable rate mortgage or your current fixed rate deal is coming to an end, it may be wise to lock yourself into a new deal as soon as possible.
Fixing your mortgage can protect you from further rate increases, ensure that your repayments don’t fluctuate, and make it easier for you to manage your outgoings.
Please get in touch with the team at TaylorMade to learn about the cheapest mortgage deals we have available.
