- Tue 21 Jun 2022
Following the recent announcement by The Bank of England to increase the base rate to 1.25% to try and curb the significant rise in inflation the country has experienced since the beginning of the year, the Mortgage Team here at Bradleys have been inundated with enquiries. Is it perhaps time you checked what options you may have before interest rates rise further?
The Bank of England have explained that they will keep reviewing the situation every 6 weeks and that it will take some time before the impact of the rate rises take effect, therefore there is a high chance further rate increases are not too far away.
The impact of 0.25% rise in interest rates isn’t significant on its own. However, when you add the up the number of rate increases so far this year and add the likelihood of further increases to come, it seems sensible to find out what your own position is sooner rather than later and be prepared whilst there are still attractive mortgage products available in the market place.
Bradleys Managing Director, Chris Baxter, commented “We’re not surprised to have seen such an increase in both new mortgage and re-mortgage enquiries because the public are sensing the tone and if people can secure a mortgage now, it is likely to be at a more attractive rate than at the end of this year or even this time next year. Whilst I’m no expert, I would certainly suggest people contact our Mortgage Team to explore their options.”
Bradleys Estate Agents offer a range of moving related services including mortgages, conveyancing and Chartered Surveyors across all 30 of their branches in Devon, Somerset and Cornwall.