Yesterday the Bank of England base rate was at an all time low.
That was yesterday, today's announcement from the Bank of England signals the first increase in the base rate for a decade.
The BBC, announced the Bank of England's decision earlier. The announcement sees the rate move from 0.25% to 0.50%.
So what impact do interest rates have on you and I?
*This video, Sourced from the Bank of England explains
Low rates, whilst not particularly great for savers, has been welcomed by the vast majority of homeowners who have a mortgage.
Ahead of the announcement this morning, Good Morning Britain's - Martin Lewis (GMB's financial expert) - encouraged the nation to review their current mortgage arrangements, to make sure they are on the best deal.
Many customers have enjoyed the benefits of tracking the Bank of England's, all time low rate and have chosen to remain on the lender's Standard Variable Rate (SVR). The bank rate may now signal an upward move of the lenders SVR, which will increase monthly mortgage payments.
The Money Bee, has produced a helpful video, which explains how we may be able to help you find a solution, that meets your individual circumstances.
What should you do?
The worst thing to do, is do nothing.
The message is clear, even if you think you have a good deal, you should check. We offer an impartial mortgage advice service and work for you and not the lender. We work with you, when its convenient for you. We pride ourselves on providing an amazing service, but more importantly, our customer agree - we have rave reviews on facebook and trustpilot.
You can use our online mortgage calculator or by arranging for one of us to call you.
If, you prefer, you can call us on 01785 878 555