Why are mortgage rates higher?
Over the last couple of years, we have seen increasing inflation, where goods and services have become more expensive. To curb this, the Bank of England has increased the base rate several times to try and discourage spending and to encourage saving resulting in an increase in borrowing costs, including mortgage rates.
Sitting still could result in higher repayments
Not acting will result in being moved on to the lender’s Standard Variable Rate (SVR) when your fixed rate expires. The interest rates on a SVR may be higher than those on a fixed-rate deal, so it’s always worthwhile acting ahead of your fixed rate expiry date by having your next deal lined up in time, helping you to avoid paying more than you need to.
Speak to Mallory Financial for advice
It’s not always easy to know what mortgage product is right for you, so that’s where the value of professional mortgage advice comes in. We are here to listen and to recommend products that we believe are most appropriate for you and your unique circumstances.
Ways we could help you secure a better mortgage rate
We are here to support you
We understand that the current mortgage market and the potential increase in repayments could provoke concern for those facing a remortgage later this year. We can help put your mind at rest by supporting you through the remortgage process and securing the best product for your situation.
Take a positive step today by making an appointment at a time that suits you.
Contact the team on 01565 874 246
Email: hello@malloryfinancial.co.uk
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