Bank of England Interest Rate Rise to 0.5% - how this will effect Mortgage affordability checks

The Bank of England Base Rate interest rate rise will have a profound impact on first time buyers, next time buyers, and homeowners who are not on fixed rates. The interest rate rise is 0.25% to 0.5%, which still is low but when you stop to think about double the amount! As a result, the higher interest rate will filter into Lenders affordability calculations for new borrowers and those looking to release further money. Another hurdle that is set to reduce the mortgage amount is the assumptions placed on the cost of living and in particular the fuel prices hikes. In short; obtaining a higher level mortgage just got harder! To contact Payam Azadi and get advice about the Bank of England Interest Rate Rise please click on the link https://www.nicheadvice.co.uk/contact-us/ 👨💻 FOLLOW THE COMPANY ► Official Site: https://www.nicheadvice.co.uk ► Instagram: https://www.instagram.com/nicheadviceuk ► Facebook: https://www.facebook.com/nicheadviceuk ► Twitter: https://twitter.com/nicheadviceuk ► Linkedin: https://www.linkedin.com/in/nicheadvice/ ► Tiktok: https://www.tiktok.com/@nicheadvice #InterestRate #RateRise #BankofEnglandbaserate THINK CAREFULLY BEFORE SECURING DEBTS AGAINST YOUR HOME OR PROPERTY. A mortgage or other loan secured against your home or property may be repossessed if you do not keep up repayments, or if you do not repay it at the end of the term. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the term of the debt and increasing the total amount you repay. Niche Advice Limited is a mortgage and credit broker, not a lender, and does not lend money directly to clients. Niche Advice Limited is authorised and regulated by the Financial Conduct Authority. FCA Firm Reference Number: 750263. The Financial Conduct Authority does not regulate every mortgage or secured finance product. Commercial mortgages, business buy-to-let mortgages and some bridging finance are not normally regulated by the Financial Conduct Authority. Consumer buy-to-let and regulated mortgage contracts are treated differently, and the protections available to you depend on the product, the borrower, how the property is used and your circumstances.