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

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COVID-19: What would a negative interest rate mean for your mortgage?

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The Bank of England has recently written to all banks and building societies to check whether they could pass on negative interest rates if the bank cut the current base rate of 0.1%.

According to the chairman of Natwest Howard Davies, Britain’s banks are not ready for negative interest rates, with technical and contractual issues aplenty.

The Bank of England governor, Andrew Bailey, also stated that he did not know whether high street bank computer systems could cope with minus figures.

But the main highlight for those who are looking to buy a house, remortgage or switch rate need to know that a negative interest rate doesn’t automatically translate to mortgage rates of similar levels.

Is your mortgage rate due to expire?

Mortgage rates are currently low, but it does look like they could be increasing. In fact figures published by the latest Moneyfacts UK Mortgage Trends Treasury Report show that some mortgage rates have increased for the third consecutive month*.

Homeowners looking to remortgage should speak to a mortgage broker who will be able to provide information and advice on the best options available for individual circumstances.

Don’t hang about, speak with a specialist who can analyse what’s best for your mortgage. Speak to an expert adviser today freephone 0800 211 8700 or fill in our online enquiry form.

*https://moneyfacts.co.uk/news/mortgages/mortgage-rates-rise-for-third-consecutive-month/

 

Welcome to our latest news and blogs. Lifetime Planning offer a ‘one-stop-shop’ for your mortgage and protection needs. We’ll strive to find you the most suitable mortgage and protection solutions to meet your specific needs. Call us now on 0800 43 53 49 or email us at mail@lifetimeplanning.co.uk.

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Guest Wednesday, 25 November 2020