- Original Poster
- #1
Hi Everyone, Has anyone noticed an increase in their mortgage payments since the bank of england increased their interest rate.
If you have then there is one of two reasons why this may be the case:
1- Your mortgage is a tracker rate, whereby your payments increase or decrease in line with the BOE rate changes
2- Your mortgage is a standard variable rate, where payments increase and decrease in line with the BOE rate changes. This may also mean your product has not been fixed.
In both circumstances, a mortgage broker can review your current mortgage product to check if you are eligible for a product, which offers a lower rate.
If you have then there is one of two reasons why this may be the case:
1- Your mortgage is a tracker rate, whereby your payments increase or decrease in line with the BOE rate changes
2- Your mortgage is a standard variable rate, where payments increase and decrease in line with the BOE rate changes. This may also mean your product has not been fixed.
In both circumstances, a mortgage broker can review your current mortgage product to check if you are eligible for a product, which offers a lower rate.
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