Will Brexit put mortgage rates up? After the interest rate rise in August 2018, the Bank of England Monetary Policy Committee has taken the unanimous decision to hold rates at 0.75 per cent at its September meeting. The decision offers some assurance to homeowners with mortgages, with the MPC saying future rate increases are ‘likely […]
With the Bank of England Monetary Policy Committee due to make its next announcement on Thursday 2 August, economists have warned that interest rates may rise, and the likelihood is that historic low rates will not last forever. Yet borrowers on a standard variable rate mortgage could save up to £6,500 by switching to a fixed rate now, according to latest research from Legal & General Mortgage Club.
Almost one in three households – around 30 per cent of customers – is paying too much for its mortgage, according to an interim market study report from the Financial Conduct Authority (FCA). The study, which examines first-charge, residential mortgages, also concluded that many applicants are failing to find the best deal to suit their circumstances.