UK interest rates rise for first time in 10 years from 0.25% to 0.5%, the Bank of England announces.
But what does it mean to you?
If you are a saver, then it’s good news as you are about to start seeing a higher return on the money you hold in your savings accounts. A number of providers have already announced they will be increasing their savings rates in-line with the rise.
If you have a mortgage and are on your lenders Standard Variable Rate (SVR), then your monthly mortgage payments are set to rise immediately. If you have a fixed rate mortgage, there is no need to worry yet, but you do need to bear in mind, that it is highly likely, your monthly payment will increase, once you come out of your fixed rate period.
If you are due to come out of your fixed rate period in the next 3-6 months you could be able to secure a low rate now and negate the rising costs.
If you have any questions, or would like to discuss your options, give us a call. We’re here to help.