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FEE FREE MORTGAGE ADVISOR ֠DONCASTER Are you struggling getting the right mortgage for your needs? These days itҳ harder than ever getting a mortgage right, there are so many types of mortgage to choose from. Are you better with a fixed rate? The lenderҳ standard variable rate? The interest rates can be confusing, there are many factors that can affect what you choose, such as your credit score, if you are employed or self employed, afirst time buyer,remortgaging, orbuy to let. Amortgage broker will search the whole of market for the best deal and interest rate to get you the lowest monthly payments we can. Talk to Us Where do you start looking for a mortgage? The mortgage process can be very intimidating. Itҳ not your job to know the products that are on the market, but it is ours as a mortgage adviser, and we take the time researching mortgages available, making sure we find the right one for you. How do you know whatҳ the best mortgage deal for you and your family? Youneed a trustworthy mortgage adviser who can compare the various types of mortgage and discuss what is most appropriate for your needs and budget. There are so many things to think about! So many unfamiliar terms and costs to compare. You donҴ need to get stressed or confused about your financial future. Mortgages Remortgages in Doncaster are here to help. Our experienced fee freemortgage advisor will ensure the most competitive deal to suit your circumstances is found. Whether youҲe looking for a new mortgage or remortgage, residential or buy to let, we will take care of everything for you. Working across the marketplace and not just tied to one lender we can find the most suitable deal for your needs and budget.༯p> Why choose Mortgages Remortgages? Fee FreeMortgage Advice ֠all mortgage advisers and estate agents are paid by the lender for arrangingࠡ mortgage application. Many of them choose to charge an additional fees on top.Mortgages Remortgages will never charge additional broker fees. Honest Trustworthy Friendly Knowledgeable Advice Fast Initial Appointments Fee Free Regular updates throughout the process. Over 30 YearsҠexperience We can guide you through the whole experience, including helping you find a solicitor and liaising with the estate agent and solicitor. Find a Mortgage What Our Customers Say EXCELLENT Based on 177 reviews Kim Brett 2023-04-07 Fast, free service that exceeded my expectations. Made a stressful process effortless and worked on our behalf. Thank you! Emma Roberts 2023-04-05 Excellent Service and advice received from Stephen, would highly recommend. He has worked for us on 3 mortgage deals over last 4 years, very satisfied with service and advice, he contacted us before our current deal expired and before the rates went up and sorted another great deal, thank you. speaker746 2023-04-05 Steve is absolutely brilliant, weҶe been with him two years now and heҳ been extremely helpful every time something mortgage related comes up, couldnҴ recommend him more! Olivia Lane 2023-04-04 Beyond helpful and has gone above and beyond for me despite many difficulties I have faced and many back and forth conversations, nothing was ever too much trouble and tried all options until I got a product that was best for me. Stephen didnҴ settle for the first option he pushed and pushed for me to get the best deal possible. Thanks Stephen Becca A 2023-04-04 Stephen has been amazing throughout the mortgage process. From our initial conversation on the first day, Stephen came back to me with multiple options for the mortgages and offered advice on which would be the best for my current position. Not only did he find me the best deal, he also consistently kept me updated and managed to get a mortgage in principle the day afterwards. We then had an in person meeting to discuss the potential term time of the mortgages and he presented the options available to me, offering advice on how to move forward. Stephen is very knowledgeable, made me feel completely at ease and the process was so fast. I will certainly recommend him Moving forward. Thank you Stephen! Christopher Marsh 2023-03-30 Absolutely brilliant service once again, got my mortgage as a first time buyer with steve and now remortgaged, so easy and stress free. 10/10 would recommend. Andrew Robinson 2023-03-29 I can't thank Steve and the team enough for the guidance they have given me through the mortgage process. Steves' knowledge and professionalism have made the process of buying another house so easy. I will be using their services again in the future and I hope you'll use them too! Thanks Steve for your outstanding service! Andy Roberts 2023-03-21 Steve offered a different approach to finding a mortgage, one which was far more personable, professional and hassle free compared to our previous high-street lender. Quick to react when required, knowledgeable and courteous. EDIT > What a shame that when I later approached Steve for help with a second holiday home mortgage his attitude was generally negative and at times plain rude. We went elsewhere and had a product sourced and secured within days. Alex Russell 2023-03-20 Excellent, knowledgeable service. Highly recommended. paul cumberbirch 2023-03-17 Steve has organised mortgages for me on several occasions over the last few years. He has always done this in a timely fashion and gets me the best deals on the market that suit me at the time. Ans he's fee free!! I would highly recommend Mortgages Re mortgages to anyone looking for a mortgage.
Interest Rates Rise for 10th Time in a Row The Bank of Englandҳ decision to increase the base rate by 0.5% this week highlights the importance of receiving sound advice in this market, not only for first-time buyers but also for those who are about to reach the end of their fixed-rate tenure. Borrowers who speak with an expert may be able to get past the headlines and gain a more comprehensive understanding of their options. ༯p> The Bank of England has raisedinterest rates for the 10th time in a row, upping the base rate by 0.5% to 4%. The increase see rates hit the highest level seen since autumn 2008 as the central bank battles to bring down inflation. With consumer price inflation having eased slightly in November, down to 10.7% from 11.1% in October, there had been speculation that a rise could have been smaller. However, the Monetary Policy Committee voted 7 to 2 for the 0.5% rise. The BoE has an inflation target of 2%. Later today the European Central Bank is expected toincrease rates across the EU by 0.5% while the US Federal Reserve lifted its rates by 0.25% last night. ༯p> Speak to an Expert Advisor Get in Touch Always Seek Professional Advice For people with existing mortgages and those trying to climb on the property ladder, the cost of living problem offers a difficult position.First-time buyers with small down payments might postpone their plans until they can more easily afford to obtain a mortgage. Although new buyers are essential to keeping the market afloat, it seems sense for them to exercise prudence when there is such a dearth of affordable property. Due to fluctuating interest rates andhome prices, borrowers with current loans may find it difficult to make overpayments and worry about their capacity to continue making payments. Before entering into any agreement, it is advisable to seek guidance because the best deal for each borrower will depend on their unique situation. ༯p> Speak to Us

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Most of us heard the Autumn Statement that was delivered yesterday (17th November 2022) But what does this mean for the Mortgage Market? How will it affect us? Take a read of the below to find out how it will affect the mortgage market and us as individuals in general. Income Tax The tax free personal allowance remains at 㱲,570 and the higher rate tax threshold is 㵰,270. These thresholds have been frozen until 2028. The 45% additional rate tax threshold will be lowered from 㱵0,000 to 㱲5,140 from 6 April 2023. National Insurance (NI) The NI earnings thresholds have been frozen until April 2028, but the 1.25% additional Social Care Levy that was scrapped in September has not been reinstated. Inheritance Tax The Inheritance Tax Nil Rate Band and additional Residence Nil Rate Band will be frozen at 㳲5,000 and 㱷5,000 respectively for a further two years until April 2028. Pension allowances There has been no significant change to pensions; the headline Annual Allowance remains at 㴰,000 and the Lifetime Allowance remains frozen at 㱬073,100 until April 2026. State Pension The Pensions Triple Lock has been protected and the State Pension will go up by 㸷0 from April 2023, an increase of 10.1% in line with inflation. The government is also reviewing the State Pension age and will publish their review in early 2023. Dividend Tax allowance This is being reduced from 㲬000 per year to 㱬000 per year from April 2023 and to 㵰0 per year from April 2024. Capital Gains Tax The annual Capital Gains Tax exemption will reduce from 㱲,300 to 㶬000 from April 2023 and then to 㳬000 from April 2024. Stamp Duty Land Tax Stamp Duty changes announced in the previous Budget will remain until March 2025. In England and Northern Ireland the Stamp Duty threshold is 㲵0,000 and the first time buyer threshold is 㴲5,000 on properties under 㶲5,000. Tax on electric vehicles From April 2025 electric vehicles will no longer be exempt from Vehicle Excise Duty and Company Car Taxrates will increase, although they will remain lower than tax rates on traditional combustion engine cars. How will the Autumn Statement Affect Businesses? Windfall Tax Windfall Tax on the profits of oil and gas firms will increase from 25% to 35% until March 2028. There will be a new temporary 45% levy on electricity generators from January 2023 until March 2028. The Chancellor expects this to raise an extra 㱴 billion. Business Rates Properties will be revalued for business rates from April 2023, but there will be significant government support for firms including a new relief scheme. The government says that two thirds of properties will not pay any more in business rates. autumn statement VAT threshold The VAT registration threshold will be maintained at 㸵,000 for a further two year period from April 2024 and the headline rate of VAT remains at 20%. Living Wage increase The National Living Wage will rise from 㹮50 per hour for over 23ҳ to 㱰.42 from April 2023, an increase of 9.7%. National Insurance (NI) The National Insurance employment allowance of up to 㵬000 is frozen until April 2028. Energy Price Guarantee While this has been extended for households for a further 12 months from April 2023 (albeit at a less generous level), there has been no further support announced for businesses. The current relief ends in March 2023. Contact Us Today HOW WILL THE AUTUMN STATEMENT AFFECT ME? At MortgagesRM, we are experts at sourcing the very bestremortgage deals for our clients. We charge no fees to the people who come to us formortgage advice, we take a fixed fee from the bank. This means that our only motivation is to find you the very best deal out there ֠get in touch today and let us help you save money today.
Most of us heard the Autumn Statement that was delivered yesterday (17th November 2022) But what does this mean for the Mortgage Market? How will it affect us? Take a read of the below to find out how it will affect the mortgage market and us as individuals in general. Income Tax The tax free personal allowance remains at 㱲,570 and the higher rate tax threshold is 㵰,270. These thresholds have been frozen until 2028. The 45% additional rate tax threshold will be lowered from 㱵0,000 to 㱲5,140 from 6 April 2023. National Insurance (NI) The NI earnings thresholds have been frozen until April 2028, but the 1.25% additional Social Care Levy that was scrapped in September has not been reinstated. Inheritance Tax The Inheritance Tax Nil Rate Band and additional Residence Nil Rate Band will be frozen at 㳲5,000 and 㱷5,000 respectively for a further two years until April 2028. Pension allowances There has been no significant change to pensions; the headline Annual Allowance remains at 㴰,000 and the Lifetime Allowance remains frozen at 㱬073,100 until April 2026. State Pension The Pensions Triple Lock has been protected and the State Pension will go up by 㸷0 from April 2023, an increase of 10.1% in line with inflation. The government is also reviewing the State Pension age and will publish their review in early 2023. Dividend Tax allowance This is being reduced from 㲬000 per year to 㱬000 per year from April 2023 and to 㵰0 per year from April 2024. Capital Gains Tax The annual Capital Gains Tax exemption will reduce from 㱲,300 to 㶬000 from April 2023 and then to 㳬000 from April 2024. Stamp Duty Land Tax Stamp Duty changes announced in the previous Budget will remain until March 2025. In England and Northern Ireland the Stamp Duty threshold is 㲵0,000 and the first time buyer threshold is 㴲5,000 on properties under 㶲5,000. Tax on electric vehicles From April 2025 electric vehicles will no longer be exempt from Vehicle Excise Duty and Company Car Taxrates will increase, although they will remain lower than tax rates on traditional combustion engine cars. How will the Autumn Statement Affect Businesses? Windfall Tax Windfall Tax on the profits of oil and gas firms will increase from 25% to 35% until March 2028. There will be a new temporary 45% levy on electricity generators from January 2023 until March 2028. The Chancellor expects this to raise an extra 㱴 billion. Business Rates Properties will be revalued for business rates from April 2023, but there will be significant government support for firms including a new relief scheme. The government says that two thirds of properties will not pay any more in business rates. autumn statement VAT threshold The VAT registration threshold will be maintained at 㸵,000 for a further two year period from April 2024 and the headline rate of VAT remains at 20%. Living Wage increase The National Living Wage will rise from 㹮50 per hour for over 23ҳ to 㱰.42 from April 2023, an increase of 9.7%. National Insurance (NI) The National Insurance employment allowance of up to 㵬000 is frozen until April 2028. Energy Price Guarantee While this has been extended for households for a further 12 months from April 2023 (albeit at a less generous level), there has been no further support announced for businesses. The current relief ends in March 2023. Contact Us Today HOW WILL THE AUTUMN STATEMENT AFFECT ME? At MortgagesRM, we are experts at sourcing the very bestremortgage deals for our clients. We charge no fees to the people who come to us formortgage advice, we take a fixed fee from the bank. This means that our only motivation is to find you the very best deal out there ֠get in touch today and let us help you save money today.
FEE FREE MORTGAGE ADVISOR ֠DONCASTER Are you struggling getting the right mortgage for your needs? These days itҳ harder than ever getting a mortgage right, there are so many types of mortgage to choose from. Are you better with a fixed rate? The lenderҳ standard variable rate? The interest rates can be confusing, there are many factors that can affect what you choose, such as your credit score, if you are employed or self employed, afirst time buyer,remortgaging, orbuy to let. Amortgage broker will search the whole of market for the best deal and interest rate to get you the lowest monthly payments we can. Talk to Us Where do you start looking for a mortgage? The mortgage process can be very intimidating. Itҳ not your job to know the products that are on the market, but it is ours as a mortgage adviser, and we take the time researching mortgages available, making sure we find the right one for you. How do you know whatҳ the best mortgage deal for you and your family? Youneed a trustworthy mortgage adviser who can compare the various types of mortgage and discuss what is most appropriate for your needs and budget. There are so many things to think about! So many unfamiliar terms and costs to compare. You donҴ need to get stressed or confused about your financial future. Mortgages Remortgages in Doncaster are here to help. Our experienced fee freemortgage advisor will ensure the most competitive deal to suit your circumstances is found. Whether youҲe looking for a new mortgage or remortgage, residential or buy to let, we will take care of everything for you. Working across the marketplace and not just tied to one lender we can find the most suitable deal for your needs and budget.༯p> Why choose Mortgages Remortgages? Fee FreeMortgage Advice ֠all mortgage advisers and estate agents are paid by the lender for arrangingࠡ mortgage application. Many of them choose to charge an additional fees on top.Mortgages Remortgages will never charge additional broker fees. Honest Trustworthy Friendly Knowledgeable Advice Fast Initial Appointments Fee Free Regular updates throughout the process. Over 30 YearsҠexperience We can guide you through the whole experience, including helping you find a solicitor and liaising with the estate agent and solicitor. Find a Mortgage What Our Customers Say EXCELLENT Based on 177 reviews Kim Brett 2023-04-07 Fast, free service that exceeded my expectations. Made a stressful process effortless and worked on our behalf. Thank you! Emma Roberts 2023-04-05 Excellent Service and advice received from Stephen, would highly recommend. He has worked for us on 3 mortgage deals over last 4 years, very satisfied with service and advice, he contacted us before our current deal expired and before the rates went up and sorted another great deal, thank you. speaker746 2023-04-05 Steve is absolutely brilliant, weҶe been with him two years now and heҳ been extremely helpful every time something mortgage related comes up, couldnҴ recommend him more! Olivia Lane 2023-04-04 Beyond helpful and has gone above and beyond for me despite many difficulties I have faced and many back and forth conversations, nothing was ever too much trouble and tried all options until I got a product that was best for me. Stephen didnҴ settle for the first option he pushed and pushed for me to get the best deal possible. Thanks Stephen Becca A 2023-04-04 Stephen has been amazing throughout the mortgage process. From our initial conversation on the first day, Stephen came back to me with multiple options for the mortgages and offered advice on which would be the best for my current position. Not only did he find me the best deal, he also consistently kept me updated and managed to get a mortgage in principle the day afterwards. We then had an in person meeting to discuss the potential term time of the mortgages and he presented the options available to me, offering advice on how to move forward. Stephen is very knowledgeable, made me feel completely at ease and the process was so fast. I will certainly recommend him Moving forward. Thank you Stephen! Christopher Marsh 2023-03-30 Absolutely brilliant service once again, got my mortgage as a first time buyer with steve and now remortgaged, so easy and stress free. 10/10 would recommend. Andrew Robinson 2023-03-29 I can't thank Steve and the team enough for the guidance they have given me through the mortgage process. Steves' knowledge and professionalism have made the process of buying another house so easy. I will be using their services again in the future and I hope you'll use them too! Thanks Steve for your outstanding service! Andy Roberts 2023-03-21 Steve offered a different approach to finding a mortgage, one which was far more personable, professional and hassle free compared to our previous high-street lender. Quick to react when required, knowledgeable and courteous. EDIT > What a shame that when I later approached Steve for help with a second holiday home mortgage his attitude was generally negative and at times plain rude. We went elsewhere and had a product sourced and secured within days. Alex Russell 2023-03-20 Excellent, knowledgeable service. Highly recommended. paul cumberbirch 2023-03-17 Steve has organised mortgages for me on several occasions over the last few years. He has always done this in a timely fashion and gets me the best deals on the market that suit me at the time. Ans he's fee free!! I would highly recommend Mortgages Re mortgages to anyone looking for a mortgage.
FEE FREE MORTGAGE ADVISOR ֠DONCASTER Are you struggling getting the right mortgage for your needs? These days itҳ harder than ever getting a mortgage right, there are so many types of mortgage to choose from. Are you better with a fixed rate? The lenderҳ standard variable rate? The interest rates can be confusing, there are many factors that can affect what you choose, such as your credit score, if you are employed or self employed, afirst time buyer,remortgaging, orbuy to let. Amortgage broker will search the whole of market for the best deal and interest rate to get you the lowest monthly payments we can. Talk to Us Where do you start looking for a mortgage? The mortgage process can be very intimidating. Itҳ not your job to know the products that are on the market, but it is ours as a mortgage adviser, and we take the time researching mortgages available, making sure we find the right one for you. How do you know whatҳ the best mortgage deal for you and your family? Youneed a trustworthy mortgage adviser who can compare the various types of mortgage and discuss what is most appropriate for your needs and budget. There are so many things to think about! So many unfamiliar terms and costs to compare. You donҴ need to get stressed or confused about your financial future. Mortgages Remortgages in Doncaster are here to help. Our experienced fee freemortgage advisor will ensure the most competitive deal to suit your circumstances is found. Whether youҲe looking for a new mortgage or remortgage, residential or buy to let, we will take care of everything for you. Working across the marketplace and not just tied to one lender we can find the most suitable deal for your needs and budget.༯p> Why choose Mortgages Remortgages? Fee FreeMortgage Advice ֠all mortgage advisers and estate agents are paid by the lender for arrangingࠡ mortgage application. Many of them choose to charge an additional fees on top.Mortgages Remortgages will never charge additional broker fees. Honest Trustworthy Friendly Knowledgeable Advice Fast Initial Appointments Fee Free Regular updates throughout the process. Over 30 YearsҠexperience We can guide you through the whole experience, including helping you find a solicitor and liaising with the estate agent and solicitor. Find a Mortgage What Our Customers Say EXCELLENT Based on 177 reviews Kim Brett 2023-04-07 Fast, free service that exceeded my expectations. Made a stressful process effortless and worked on our behalf. Thank you! Emma Roberts 2023-04-05 Excellent Service and advice received from Stephen, would highly recommend. He has worked for us on 3 mortgage deals over last 4 years, very satisfied with service and advice, he contacted us before our current deal expired and before the rates went up and sorted another great deal, thank you. speaker746 2023-04-05 Steve is absolutely brilliant, weҶe been with him two years now and heҳ been extremely helpful every time something mortgage related comes up, couldnҴ recommend him more! Olivia Lane 2023-04-04 Beyond helpful and has gone above and beyond for me despite many difficulties I have faced and many back and forth conversations, nothing was ever too much trouble and tried all options until I got a product that was best for me. Stephen didnҴ settle for the first option he pushed and pushed for me to get the best deal possible. Thanks Stephen Becca A 2023-04-04 Stephen has been amazing throughout the mortgage process. From our initial conversation on the first day, Stephen came back to me with multiple options for the mortgages and offered advice on which would be the best for my current position. Not only did he find me the best deal, he also consistently kept me updated and managed to get a mortgage in principle the day afterwards. We then had an in person meeting to discuss the potential term time of the mortgages and he presented the options available to me, offering advice on how to move forward. Stephen is very knowledgeable, made me feel completely at ease and the process was so fast. I will certainly recommend him Moving forward. Thank you Stephen! Christopher Marsh 2023-03-30 Absolutely brilliant service once again, got my mortgage as a first time buyer with steve and now remortgaged, so easy and stress free. 10/10 would recommend. Andrew Robinson 2023-03-29 I can't thank Steve and the team enough for the guidance they have given me through the mortgage process. Steves' knowledge and professionalism have made the process of buying another house so easy. I will be using their services again in the future and I hope you'll use them too! Thanks Steve for your outstanding service! Andy Roberts 2023-03-21 Steve offered a different approach to finding a mortgage, one which was far more personable, professional and hassle free compared to our previous high-street lender. Quick to react when required, knowledgeable and courteous. EDIT > What a shame that when I later approached Steve for help with a second holiday home mortgage his attitude was generally negative and at times plain rude. We went elsewhere and had a product sourced and secured within days. Alex Russell 2023-03-20 Excellent, knowledgeable service. Highly recommended. paul cumberbirch 2023-03-17 Steve has organised mortgages for me on several occasions over the last few years. He has always done this in a timely fashion and gets me the best deals on the market that suit me at the time. Ans he's fee free!! I would highly recommend Mortgages Re mortgages to anyone looking for a mortgage.
The Bank of England (BoE) has increased the base rate by 1.75 percent, as forecast, hitting the highest rate since the Global Financial Crisis of 2007-2008, a period of extreme stress in financial markets and economic systems. Our team at MortgagesRM are encouraging all homeowners to shop around for the best fixed-rate mortgage deal to protect against further rises in costs. Get the best remortgage deal today! Base Rates continue their astronomical rise Why You Should Look To Remortgage As Base Rates Rise Again The increase was widely anticipated, and is now the sixth consecutiverise from the record low rate of 0.1 percent in December 2021. The base rate was higher in December 2008, when it was 2 percent, but then fell to 1.5 percent at the beginning of January. The last time that the BoE raisedrates by 0.5 percent was in 1995 when it was increased from 6.13 percent during December 1994. It was then raised to 6.63 percent in February 1995. When will the economic recession hit? The BoE has forecast an economicrecession that could last for more than a year, with the CPI inflation rate expected to reach 13% by the end 2022. The warning is issued as the BoE has lowered its growth forecast, predicting the economy to slide into recession in the period between October and December 2022. The central bank stated that it anticipates the recession to continue until 2023. The bank expects that output will fall by 2.1 percent from peak-to-trough throughout this recession. This fall is similar to the recession in the 1990s but less severe than the 2008 crash. How will increased base rates impact people trying to get a mortgage? Why You Should Look To Remortgage As Base Rates Rise Again First-time buyers looking to make it onto the ladder are facing the cost of a mortgage which is 20% more than at the beginning of the year because of increasing interest rates and higher house prices. This is as long as theyҶe been able to save a sufficient amount of money to secure a deposit. Prior to the increase in base rates theaverage monthly mortgage payment was 㹷6 per month. This compares to 㸱3 monthly in the beginning of January, which is a 20% increase since the beginning of this year. The 0.5 percent hike could increase this to 㱬030, if the pricing is passed to lenders. You can avoid being hit by switching to a fixed-rate mortgage deal The bank recognised that therates of lending on new mortgages with fixed rates were rising and that the transition of mortgages with risk-free rates was similar to the situation witnessed in the 2008 financial crisis in the world. There are over 850,000 people living in the UK who are either on a variable or Tracker rate. This means that theirmortgage payments will be increasing in accordance with base rates. People who have variable rates will notice the change almost instantly. If you switch to a fixed-rate mortgage deal now, you can avoid the huge price hike that will come to those withvariable rate mortgage products. Contact Us Today Why You Should Look To Remortgage As Base Rates Rise Again At MortgagesRM, we are experts at sourcing the very best remortgage deals for our clients. We charge no fees to the people who come to us formortgage advice, we take a fixed fee from the bank. This means that our only motivation is to find you the very best deal out there ֠get in touch today and let us help you save money today.
The Bank of England (BoE) has increased the base rate by 1.75 percent, as forecast, hitting the highest rate since the Global Financial Crisis of 2007-2008, a period of extreme stress in financial markets and economic systems. Our team at MortgagesRM are encouraging all homeowners to shop around for the best fixed-rate mortgage deal to protect against further rises in costs. Get the best remortgage deal today! Base Rates continue their astronomical rise Why You Should Look To Remortgage As Base Rates Rise Again The increase was widely anticipated, and is now the sixth consecutiverise from the record low rate of 0.1 percent in December 2021. The base rate was higher in December 2008, when it was 2 percent, but then fell to 1.5 percent at the beginning of January. The last time that the BoE raisedrates by 0.5 percent was in 1995 when it was increased from 6.13 percent during December 1994. It was then raised to 6.63 percent in February 1995. When will the economic recession hit? The BoE has forecast an economicrecession that could last for more than a year, with the CPI inflation rate expected to reach 13% by the end 2022. The warning is issued as the BoE has lowered its growth forecast, predicting the economy to slide into recession in the period between October and December 2022. The central bank stated that it anticipates the recession to continue until 2023. The bank expects that output will fall by 2.1 percent from peak-to-trough throughout this recession. This fall is similar to the recession in the 1990s but less severe than the 2008 crash. How will increased base rates impact people trying to get a mortgage? Why You Should Look To Remortgage As Base Rates Rise Again First-time buyers looking to make it onto the ladder are facing the cost of a mortgage which is 20% more than at the beginning of the year because of increasing interest rates and higher house prices. This is as long as theyҶe been able to save a sufficient amount of money to secure a deposit. Prior to the increase in base rates theaverage monthly mortgage payment was 㹷6 per month. This compares to 㸱3 monthly in the beginning of January, which is a 20% increase since the beginning of this year. The 0.5 percent hike could increase this to 㱬030, if the pricing is passed to lenders. You can avoid being hit by switching to a fixed-rate mortgage deal The bank recognised that therates of lending on new mortgages with fixed rates were rising and that the transition of mortgages with risk-free rates was similar to the situation witnessed in the 2008 financial crisis in the world. There are over 850,000 people living in the UK who are either on a variable or Tracker rate. This means that theirmortgage payments will be increasing in accordance with base rates. People who have variable rates will notice the change almost instantly. If you switch to a fixed-rate mortgage deal now, you can avoid the huge price hike that will come to those withvariable rate mortgage products. Contact Us Today Why You Should Look To Remortgage As Base Rates Rise Again At MortgagesRM, we are experts at sourcing the very best remortgage deals for our clients. We charge no fees to the people who come to us formortgage advice, we take a fixed fee from the bank. This means that our only motivation is to find you the very best deal out there ֠get in touch today and let us help you save money today.