With interest rates on the rise it's an ideal time to review your current mortgage rate
24 February, 2022
The last couple of months have seen the Bank of England raise interest rates twice to 0.5%. The expectation when they meet again in a few weeks is that they will increase them again.
Although there was not an immediate change to mortgage rates, lenders are now starting or plan to change their product suite with a number getting the wheels in motion already.
There is no better time than now to review your rate. If you are on a variable rate, you will have noticed that your monthly payments have increased and if rates increase again in a few weeks, then so will your payments.
If you are on a fixed rate that is due to expire in the next 6 months, you can start the process of looking at a new deal now and get something locked in for the day after your current rate expires.
At Esson & Aberdein we have our own dedicated in-house mortgage adviser that can review your mortgage and help protect you against any rate increases. The service we offer is free so won’t cost you a penny for the advice or submitting of an application. Most brokers in the market charge anything between 0.3 – 1% of the mortgage amount.
If you would be keen to discuss, please get in touch info@moray.financial or call 0330 127 2680
Your home may be repossessed if you do not keep up repayments on your mortgage.
“Esson & Aberdein” is a trading name of (MFL) Moray Financial Limited a company registered in Scotland, with Company Number SC694883 with its registered office at The Forsyth Building, 5 Renfield Street, Glasgow, Scotland, G2 5EZ. A list of Directors for MFL is available at Companies House here.
MFL is an appointed Representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network FCA is a trading name of Advance Mortgage Funding Limited which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance, and general insurance product
Written by Michael Wales