Why Mortgage Advice is crucial amid the cost-of-living crisis.

With the rate of inflation at a 30-year high and the expectation that it will climb higher in April.  We are all finding that the escalating living costs, along with the recent Bank of England (BoE) interest rate rise from 0.5% to 0.75% and soaring energy prices are pushing our household budgets to the limit. 

It has therefore, never been more important for all mortgage holders and potential borrowers to consider their mortgage and ensure they are getting the best deal possible.  The increase in Bank of England interest rate will impact the interest rates on our household finances, particularly as lenders have already started increasing their fixed rate products.

But can I apply for my own mortgage or remortgage?

Mortgage Brokers have access to a wide range of mortgage lenders and a variety of products and can therefore help borrowers find the right deal for them and possibly save money with lower repayments.

While those on a fixed-rate mortgage are protected from changes in the base rate until their current deal expires, for those on a standard variable rate, the increase to the base rate means the cost of monthly mortgage repayments will almost certainly go up, placing further pressure on household income.