Expats need to get ready
An interest rate rise from the Bank of England in the near future is being described as a “near certainty” as inflation hits 3%. The Office of National Statistics said that in the year to September inflation had risen to 3%, the highest annual rate since March 2012.
The announcement makes an interest rate rise in November a near certainty as the Monetary Policy Committee takes action to show they are keeping inflation under control.
It would seem the age of record low interest rates is coming to an end, anybody with a mortgage should get prepared sooner rather than later.
If you are an expat with a mortgage get it reviewed quickly to ensure it will meet the upcoming pressures. Acting now could save individuals literally thousands per year.
Expats with a UK mortgage on a variable rate will see repayments increase, but this can be avoided if a switch is made to a more beneficial rate.
What can you do?
Well, the first thing is to check out your current deal and find out if you have any early repayment penalties. You may already have a very advantageous mortgage deal and if this is the case leave well alone. You should seek professional advice when it comes to mortgages as the wrong move now could cost you thousands.
You may wish at this review to raise some cash from your re-mortgage to pay off expensive credit cards. The other alternative is to go for a longer-term fixed rate, so you can budget over the coming years. These are very important times coming up and you should not sit still and ignore this hoping it will all go away.
Can we assist?
If you want to review your mortgage call one of our experts and we will be happy to assist you in your future planning.
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