Interest rates increase for the fourteenth month in a row!

Interest rates increase for the fourteenth month in a row!

Once again, the Bank Of England have increased the base interest rate from 5% to 5.25%. This increase was the fourteenth month in a row from the BOE with hopes to curb public spending and help inflation.

This is not good news for home owners and landlords with mortgages or tenants. For those not on a fixed mortgage or with fixed terms coming to an end, it could be getting too expensive and no longer affordable.

Tenants are also starting to worry as rental prices continue to hike with the increases in landlords mortgages. Steve Woodford (Manager of Haslams in Reading) says that rental prices in the last two years have already increased by 20%, which for tenants is an extremely large change every month.

We have already seen landlords choosing to sell, as unfortunately for some, the constant increase of interest rates with yearly rent reviews just isn’t working.

If you have any questions about your mortgage, call us today at Evolution Properties to be put in contact with an independent mortgage advisor, free of charge.

READ MORE: https://www.bbc.co.uk/news/live/business-66386519