With the Bank of England putting up interest rates for the first time in a decade, there will be some winners and some losers.
It is estimated there are around 4 million variable mortgages held in the UK, along with some other loans, and following the Bank of England base rate rise, some households will see their repayments go up.
These increases may be nominal now, but with the likelihood of more increases coming our way, the question is, ‘what can you do to protect yourself, or capitalise to get the most out of your savings?’
Phil Trevarrow of Ashley Phillips Ltd, Beverley, who offer mortgage and financial advice, say mortgage holders can do more, he said;
“If you are on a Fixed Rate product then you will not see any changes in your payments. However those who are products like a Base Rate Tracker will see an increase in their monthly payments.”
“Now would be a good time for those who are on a Base Rate Tracker mortgage to look at other products, with some people gaining a much better deal, which is something we can help find them.”
“This is certainly something we would urge people to look at. Even though the interest rates have gone up, by choosing the right product you could end up saving you money on your repayments.”
While those with mortgages plan their next move, the hike in interest rates is good news for savers who have seen little return on their capital.
Like with a mortgage, choosing the right product can be critical, Mr. Trevarrow added;
“There are many things to consider when you are looking for the best return on you capital. This again varies widely and, with the rate still relatively low, it is important you get good advice.”
“By sitting down with us we will be able to assess your individual financial needs and find the best products that allow you to maximise your cash.”
- Find out more please visit www.ashleyphillips.co.uk
