Key Solutions Mortgages | The recent rate rise was a timely reminder that the current very low interest rates are unlikely to last forever. Although the Bank of England predicts that further interest rate rises are likely to be small incremental steps, it makes sense to review your household expenditure now, to ensure you’ve budgeted for an increase in costs such as mortgage repayments.
Many homeowners have already taken advantage of competitive 2, 3, and 5-year fixed rate deals.
Unsurprisingly, this type of deal made up 90% of mortgages taken out in the first quarter of the year. If your current deal is coming to an end, or it’s been in place for a while, this could be a good time to review your mortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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