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Residential Property

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

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

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