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New Year- New Mortgage Rates Fear

Happy New Year. We have just seen figures showing that inflation has risen by 1% in 1 month alone- the fastest recorded rise on record. This undoubtedly means that the Bank of England are likely to raise interest rates sooner rather than later to control the inflationary threat and variable/ trakcer rate mortgages will undoubtedly rise as a result of this.

Struggling homeowners who couldn’t afford their mortgages in 2008 until interest rates came tumbling down will undoubtedly find themselves in the same position again and repossessions will probably rise. And this time, don’t expect the government to bail out homeowners . Labour believe they have lost the forthcoming election anyway and they will only too pleased to see this scenario hit home on the Tories watch.

If you need to downsize, have a buy-to-let property that you need to dispose of or just want to sell your house or flat quickly, give me a call. Tim