This Thursday the Bank of England will decide whether to keep the Base Rate as it is or whether to increase, or reduce it. If the Bank of England keep rates as they are then it is likely that mortgage lender’s variable rates will remain unaffected. Should the Bank reduce the rate then some lenders’ variable rates will reduce in line with this, depending on the terms and conditions of the original product. If the Bank of England increase the Base Rate then it is very likely that lender’s variable rates will increase in line with this rate rise and those with a variable rate mortgage will likely see their repayments increase. If you are concerned about the affect of an increase in your mortgage repayments then you should either speak with your lender or an independent adviser about the possibility of a fixed rate mortgage that can provide you with a guaranteed repayment for a specified period of time.
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