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Interest rates hit 14-year high: What it means for you

Published: 22/09/2022 By Simon Gilvey of Broadland Consultants Limited

The UK interest rate has increased by 0.5% taking it to a 14-year high of 2.25%.

It means a number of mortgage lenders could increase their interest rates over the coming days.

Simon Gilvery of Broadland Consultants said: "Many high street mortgage lenders had anticipated the change and had already priced in the increase in base rate with their current range of fixed rate products, but it’s worth noting that it’s expected that a number of them could increase marginally again.

“The property market is being pulled strongly in two different directions. Today’s (22/09/2022) interest rate hike is significant, impacting both prospective homebuyers along with existing mortgage customers.

"The rumours of a stamp duty cut in tomorrow’s (23/09/2022) mini budget will spin matters in another direction. Coupled with the decision to loosen mortgage lender background affordability tests, it is clear that the Government will do all it can to fuel a lucrative, buoyant property market.”

What You Can Do:

Existing mortgage customers can lock in a new fixed rate mortgage deal up to 6 months in advance of their current deal expiring.

You can also LIVE SEARCH basic details of fixed rate mortgage deals via Broadland Consultants' Mortgage Finder tool here.

If you have any questions or need help setting up a new fixed rate mortgage deal for certainty of payments, get in touch with the friendlylocal team at Broadland Consultants