16/06/2022 – The Bank of England (BoE) has increased the base rate by 25 basis points to 1.25%.
The Monetary Policy Committee (MPC) voted by a majority of 6-3 to increase the bank rate by 0.25 percentage points, to 1.25%. The members in the minority voted to increase the bank rate by 0.5 percentage points, to 1.5%.
The increase marks the fifth base rate rise since December 2021 after a decade of historic lows.
Potential mortgage applicants haven’t, however, missed the boat for lower cost fixed rate mortgage deals, there are still currently some very competitive 5-year fixed rate mortgage deals for those that want certainty of payments over a longer period of time.
The market does still expect the upward trajectory of mortgage rates to be a feature of 2022.
If you have any questions or client(s) that needs our assistance with setting up a new fixed rate mortgage deal for certainty of payments, please get in touch with our preferred mortgage advice partners, Broadland Consultants Ltd, by clicking here, or on their usual contact details as they are here to help them get the best possible mortgage deal secured.
You can also LIVE SEARCH basic details of fixed rate mortgage deals via our Mortgage Finder tool on our website here: https://www.broadlandconsultants.com/search-mortgage-deals/
