The interest rate from the Bank of England has increased for the fourth time since December 2021, bringing it to 1.0%. This is the highest level it has been since 2009. If you have a mortgage and are looking for some advice following this change, call us today on 01233 501601 to speak to a recommend mortgage advisor in Ashford.
The increase on the cost of living, has impacted buyers across all types of buyers across the UK. We expect to see the increase continue. Potential buyers are thinking about their monthly repayments mixed with the increase of interest rates and the cost of living rising to the forecast of around 7% and therefore decreasing their affordability.
Savills have noted that this will and has affected first time buyers, with a third reducing their budgets because of the above. Also, nearly half of those looking at homes worth up to £500,000 have also decreased their budgets. Prices across the UK are still increasing, making it harder to tighten budgets. If you are thinking about your finances, it may be worth speaking to an independent financial advisor first, as they may be able to find you a new mortgage that works better for you. Call us today to speak to a broker.