Base Rate Mortgage Ready Reckoner
Ahead of Thursday’s MPC decision, TotallyMoney, the credit app which helps everyone move their finances forward, and Moneycomms calculate the impact of the Bank of England’s base rate rises on tracker and variable rate mortgages.
The full press release including the Ready Reckoner can be found at:
Alastair Douglas CEO TotallyMoney comments:
“With households already feeling the impact of soaring inflation, an increase to the base rate will serve as another blow to the two million mortgage customers on variable-rate deals.
“Those with a fixed-rate mortgage won’t be impacted, but it’s worth checking to see when the deal runs out to avoid any surprises to your payments. If you’re looking to switch to a new deal, make sure you include any fees and charges when calculating the costs.
“At TotallyMoney, we’re on a mission to help everyone move their finances forward. One way we’re doing this is by putting customers in control of their own financial data. As with other forms of credit, the most competitive mortgage offers are usually reserved for those with the best credit scores. So checking your report can be vital in moving toward a better financial future”.
Andrew Hagger, Personal Finance Expert of Moneycomms.co.uk comments:
”The latest hike in mortgage payments will be a hammer blow to households up and down the country, who are facing a tsunami of increased costs for essential goods and services.
“Those customers on a fixed rate will be shielded for now, but when their fixed rate comes up for renewal, some will face a triple-digit monthly payment increase”.
