Rate rise likely – sooner than later
Everybody that reads a newspaper or watches the news will know a change in the Bank of England Base Rate is coming. The experts tell us that in May there is more than a 50% chance that rates will be rising for the first time in over 2 years. And lets face it the Bank rates will rise, they can not go any lower.
Over 50% of mortgages are on the SVR ie. the Standard Variable Rate so they will rise at least in conjunction with Bank raises. Everybody is going to have to tighten their belts. If you need to sell your house now before the rates go up – because that will undoubtedly lead to a flood of property sales (and distressed sales). And that will depress your house, and everybody’s property.
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