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Fixed Rate Commercial Mortgages & Fixed Rate Buy to Let Mortgages
06th November 2003
Impact on Your Mortgages
This afternoon the Bank of England raised rates by 0.25%. We aim to help you understand this and its potential repercussions on your property portfolio.
As mortgage rates could change over the next quarter in reaction to the Bank of England decision, your mortgages payments are also likely to increase in line with this. For example, for an average size property of £90,000 where the 5% interest rate increases 0.25% to 5.25%, you will move from paying roughly £375 to £394 per month or an extra £227 each year.
For the latest mortgage quotes visit the Marketplace.
Calculate Your New Rates
To help you assess the impact of potential changes to your interest only or capital repayment mortgage payments we have compiled a simple reference guide for you to keep to hand.
Hopefully this will help you work out some rough numbers!
Last quarter we told you that some Fixed rates were being withdrawn. This quarter we have seen most fixed rates rise by at least 0.25% but in most cases closer to 0.50%. The majority of lenders have already priced the Bank of England rate rise that we have seen today into their fixed rates. Fixed rates are likely to move even higher as the wide perception in the market is that this will not be the last rate rise.
What it means to you: Payments on variable/discount rates will rise. Some landlords may still want to consider switching to fixed rates or competitive discounted rates now to ensure against further rate increases. You can use our rate table above to work out how much effect each rate rise will have on you.
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