What is the Bank of England base rate?
The Bank of England base rate is the most important interest rate in the UK, it can also be called the Bank Rate or even simply ‘the interest rate’.
Increases in the rate are often passed on by the Banks in the form of increases to Mortgage Rates (and loans, savings etc).
How does it affect me?
As of Thursday 4th August, the base rate is 1.75% meaning you may be impacted by this change if you are on a tracker mortgage or a standard variable rate mortgage as you may see your monthly mortgage payments increasing.
How can I avoid an increase in my mortgage?
If you have a fixed rate mortgage that is coming to an end, make sure you review your mortgage before being put on a standard variable rate. We can help you secure a mortgage that is best suited to your needs.
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Email: updates@lifetimegroup.co.uk
