City forecasters have revised their predictions as to when rates are likely to rise, would these rates affect your finances?
The Centre for Economic Business Research expects the Bank of England rate to rise from 0.5 to 1 % in the final quarter of 2014. Others such as Citi have predicted they will rise to 0.75% over the same period. Unemployment has dropped faster than expected and is approaching the Bank of England’s target figure of 7%.
Is Your Mortgage on a Fixed Rate?
In the 3 months to November it has seen the biggest drop in 17 yrs. Coutts have predicted rates wont rise until 2015. However with mortgage fixed rates at an all time low there has never been a better time to review your mortgage and fixed your rate to protect against payments rising for the next 2 to 5 years.
Is now a good time to review your mortgage?
Contact AFP Partnership, Mortgage Advisers located in Shrewsbury, for help and advice on your mortgage. If interest rates were to double in 2014 what would this mean to you?
We are contactable on 01743 364377 or by email.