Uncle Spielberg
Well-known member
The Bank of England have raised the Base Rate for the first time since July 2007, upping the rate from 0.25% to 0.5%. This rise may come as a shock to many people who have become accustomed to ultra-low rates and will have been hoping to have enjoyed low interest rates indefinitely.
Anyone on a variable rate or tracker rate will see their rate rise by 0.25% immediately. This will equate to an increase in the interest element of the mortgage of £20.84 pm per £100,000 borrowed. For someone with a £200,000 mortgage, this will mean having to find over £500 more in interest payments per year.
Where will the Bank of England base rate go next? This is uncertain but some experts are predicting a rate of 3% as a possibility by 2020.
Most lenders have started to reprice their fixed rate mortgages from 2-5 years upwards in recent weeks and this trend may continue.
The mortgage market is very fluid and constantly changing and you need a daily finger on the pulse to keep track of what is available. Also, whilst the rate itself is a factor there are many other considerations when trying to find the best lender such as criteria, income multiples, property types to name but three.
The Buy To Let mortgage market has, in particular, seen many changes this year.
As a mortgage broker since 1990 I have considerable experience in helping home-owners assess their current mortgage position and, where possible, identify a better choice of mortgage that may help them to reduce outgoings.
I have previously assisted many NSCers, and would be happy to help any others who are unsure of what this rate change may mean for them.
[MENTION=17374]Bulldog[/MENTION]: “Uncle Spielberg, or Gareth if you prefer, sorted out my mortgage and life insurance. He makes the whole process easy and he knows his stuff. A definite recommendation from me.”
[MENTION=970]SK1NT[/MENTION]: "Uncle Spielberg is ABSOLUTELY your man. I was naturally a bit dubious at first using someone that i have never met and only know from a football forum. It's not exactly dealing with a few quid but the biggest asset i have and tens of thousands of pounds HOWEVER i could not have been further from the truth.
I currently have a mortgage going through with US now and by a country mile got me the best rate out there for me. I had spoken to 3 other brokers before US and 1 offered me a rate that was 1.5% higher than the offer from US the other two couldn’t even offer me anything."
As well as his knowledge and the rate i got he is also very polite, friendly, great communication keeps you up to date with everything. I was actually going to start a Uncle Spielberg appreciation thread myself. I won’t be using any other broker in future."
[MENTION=25]Gwylan[/MENTION]: “Another vote for Gareth for me. He's honest too - because I was trying to get a mortgage when I was self-employed he told that a deal wasn't right for me and he lost the business. Not his fault and his honesty does him credit."
Contact me via PM if you would like to have some guidance on how the interest rate rise may affect you.
Anyone on a variable rate or tracker rate will see their rate rise by 0.25% immediately. This will equate to an increase in the interest element of the mortgage of £20.84 pm per £100,000 borrowed. For someone with a £200,000 mortgage, this will mean having to find over £500 more in interest payments per year.
Where will the Bank of England base rate go next? This is uncertain but some experts are predicting a rate of 3% as a possibility by 2020.
Most lenders have started to reprice their fixed rate mortgages from 2-5 years upwards in recent weeks and this trend may continue.
The mortgage market is very fluid and constantly changing and you need a daily finger on the pulse to keep track of what is available. Also, whilst the rate itself is a factor there are many other considerations when trying to find the best lender such as criteria, income multiples, property types to name but three.
The Buy To Let mortgage market has, in particular, seen many changes this year.
As a mortgage broker since 1990 I have considerable experience in helping home-owners assess their current mortgage position and, where possible, identify a better choice of mortgage that may help them to reduce outgoings.
I have previously assisted many NSCers, and would be happy to help any others who are unsure of what this rate change may mean for them.
[MENTION=17374]Bulldog[/MENTION]: “Uncle Spielberg, or Gareth if you prefer, sorted out my mortgage and life insurance. He makes the whole process easy and he knows his stuff. A definite recommendation from me.”
[MENTION=970]SK1NT[/MENTION]: "Uncle Spielberg is ABSOLUTELY your man. I was naturally a bit dubious at first using someone that i have never met and only know from a football forum. It's not exactly dealing with a few quid but the biggest asset i have and tens of thousands of pounds HOWEVER i could not have been further from the truth.
I currently have a mortgage going through with US now and by a country mile got me the best rate out there for me. I had spoken to 3 other brokers before US and 1 offered me a rate that was 1.5% higher than the offer from US the other two couldn’t even offer me anything."
As well as his knowledge and the rate i got he is also very polite, friendly, great communication keeps you up to date with everything. I was actually going to start a Uncle Spielberg appreciation thread myself. I won’t be using any other broker in future."
[MENTION=25]Gwylan[/MENTION]: “Another vote for Gareth for me. He's honest too - because I was trying to get a mortgage when I was self-employed he told that a deal wasn't right for me and he lost the business. Not his fault and his honesty does him credit."
Contact me via PM if you would like to have some guidance on how the interest rate rise may affect you.
