With the base rate now sat at 2.25% as at 13th October 22, the first time it has been above 2% since December 2008, we understand how worried people are about further interest rate rises.

This with the additional stresses of the cost of living crisis, energy bills rising and the turmoil created by the mini budget as expert mortgage advisors we wanted to share some insights that we hope will help.

So what you need to know;

Despite many lenders withdrawing rates there are still plenty of rates on offer, albeit at a higher rate than people will be used too.

If you’re on a fixed rate you do not need to worry, your current rate won’t change, but will likely increase when your deal ends.

If you want to come out of your current fixed deal early to secure a new deal you will pay a penalty, which means its unlikely to be beneficial, our general view is enjoy your low rate and be prepared for your costs to increase when your deal ends.

You can start looking at your mortgage options 6 months before your current deal ends, so check when your current deal ends and book a mortgage review meeting.

If you’re on a variable rate, now might be the time to start looking at your options.

Options to cope with higher mortgage costs;

It maybe possible to increase your mortgage term to reduce costs, but will result in more interest being paid longer term.

If you have other debts and equity in your home, debt consolidation may help keep your costs affordable.

If you can afford to consider starting to put a little aside each month to get you used to higher costs.

Look at what your spending money on, go through your bank statements, complete a budget and see are there any costs you could reduce or get rid of.

At CD Financial we can offer expert advice on your mortgage options, so please do not hesitate to get in touch to book your fee free initial meeting and see how our friendly team can help you –  01952 455775 or email contact@cdfnancial.co.uk

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR PROPERTY.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.