UK Interest rates - Breaking News

November 2, 2017

 

 

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

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR
PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP
REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

 

CALLS ARE RECORDED FOR TRAINING AND MONITORING PURPOSES

Legal Information

.The Money Bee, which is a trading style of Promise Solutions Ltd and is authorised and regulated by the Financial Conduct Authority– Number 681423. Registered in England, company number 04822774. Data Protection Reference Z8661889
Registered Office: 2nd Floor, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG.

Terms and Conditions

There may be circumstances where we need to charge a fee.  In these instances, we will notify you at an early stage which could be £125.00 upon application and an arrangement fee up to 1% of the advance subject to a maximum of £2500.00, on receipt of the mortgage offer.

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2nd Floor, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG.

2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:

 

Mortgages and Remortgages

Representative example

£80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker/processing fee and £125 application fee. Total repayable £119,873.

 

Secured / Second Charge Loans

Representative example

£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, the total charge for credit is £42,584.52 which includes a £2,690 broker/processing fee. Total repayable £105,584.52.

 

Unsecured Loans

Representative example

£4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.