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