The Bank of England’s latest 0.75% rise to interest rates is worrying news for the thousands of homeowners across Exeter. Those on variable or short-term fixed-rate mortgages could face a hefty hike in monthly mortgage payments following the base rate increase to 3%.
But, James Miles, Director at The Mortgage Quarter, an Exeter-based mortgage broker, is urging homeowners not to panic.
“This week’s announcement is definitely unwelcome news for borrowers, especially those who don’t have a long-term fixed rate arrangement. However, there are potential solutions to improve affordability depending on individual circumstances. And while mortgage rates are less favourable today than they were 12 months ago, several deals are still available on the market.
“The best advice I can give to anyone concerned about their mortgage situation is to seek advice from a professional mortgage adviser. And to do that sooner rather than later.”
Anyone concerned about their mortgage or wishing to review their situation can contact James on 01392 660219 or visit www.themortgagequarter.co.uk.