First Time Buyers

The Bank of England has risen interest rates for a 13^th consecutive time as it continues to tackle rising prices.

Experts were predicting a slight fall in inflation figures in May, but official data on Wednesday showed inflation was still stuck at 8.7% in May, due to increased prices for second-hand cars, flights and supermarket food prices.

The Base Rate of 5.00% is the highest the UK has seen since 2008.

Just one month ago experts were predicting we were nearing the end of rate rises, but the rhetoric has changed as base rate could now reach 6.00% – a figure not seen since the 1990’s.

Thameside Mortgages Managing Director, Andrew Sheen pointed out “a fundamental role of the Bank of England is to control inflation. It’s painfully obvious increasing rates has been an ineffective tool against inflation.

“Rather than stubbornly sticking to the same methods, they should take a moment to pause and consider a different approach before causing significant harm to the economy and people’s livelihoods.” 

The Bank of England announced it has increased interest rates once again, to 4.50%, marking the 12th consecutive increase in rates from the Bank of England.

This article emphasises the importance of early mortgage review and explores the potential effects of rising interest rates.

Becoming a homeowner is a dream for many renters, but the hefty deposit requirements can often make it seem impossible. With house prices and the cost of living on the rise, saving five-figure sums for a deposit can be a daunting prospect. But now, there is a solution.

The Bank of England recently announced that it had increased interest rates to 4.25%.

In this article, we highlight the significance of reviewing your mortgage as early as possible and delve into the consequences of increasing interest rates.