Updated: Apr 14
The BoE is in the midst of an interest rate increase to 4.25%. This means that mortgage payments will also be upped yet again, and that may equal an additional 0.25% for those whose deals come to an end this year.
“The Bank of England is expected to raise interest rates for the 11th time in a row, after (...) shock rise in inflation and a banking crisis that has rocked the financial world.” J. Middleton, L. James, Independent.
Although it is predicted that inflation will drop to 2.9% by the end of this year, the rises in interest rates will have already earnestly meddled with the finances of UK debtors.
In the last few months, The Bridging Group has done everything in its power to prevent our interest rates from rising. That is not set to change, despite US bank failures and rising inflation (to 10.4%), which contribute to interest rate increases.
However, if you are worried you may be affected by the current situation, we are here to listen.
Has your financial situation changed during your loan term?
Do you feel it may affect your ability to repay your loan?
Do you have any doubts or questions about our interest rates or service as a whole before you apply for your bridging loan?