Base Rate Rise – what does this mean for your mortgage?

Written by Helen Griffiths

Thursday, June 22, 2023

The Bank of England have today announced a further increase in the Base Rate to 5%. This may have an effect on many existing mortgages and products currently being offered by lenders.

Those with tracker or variable mortgage products will see their monthly payments increase as a result of this rise and those looking to re-mortgage or purchase a new property may find that the mortgage products available to them are now more expensive.

If you are looking to re-mortgage or purchase a new property and require any legal advice, please contact us to discuss your needs and obtain a quotation. We act for first time buyers, home movers, investors, and downsizers. Please get in touch today on 0191 255 0255 or email conveyancing@samuelphillips.co.uk.

Written by Helen Griffiths, Senior Associate and Head of Residential Property

Helen is a Chartered Legal Executive and residential conveyancing specialist. She advises on all aspects of residential conveyancing including freehold and leasehold sales and purchases for both registered and unregistered properties. She also advises on Help to Buy and Shared Ownership Schemes as well as Help to Buy, Lifetime and Forces Help to Buy Isa’s.

0191 255 0206

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