John Fawcett has joined the firm as Partner
On Thursday, the Bank of England announced a further rise in the interest rate in what was the largest increase for over 30 years. The Bank of England’s base rate of interest was raised to 3%, an increase of 0.75 percentage points, in an attempt to curb inflation.
Property owners with variable or tracker mortgages will now see further increases in their monthly repayments, however there is optimism that fixed mortgage rates could have peaked and may start to fall. Following the announcement of the interest rate rise, Governor of the Bank, Andrew Bailey, added that “it means the rates on new fixed-term mortgages should not need to rise as they have done”.
If you require any assistance with property law matters, including if you are re-mortgaging, please do not hesistate to contact us on 01932 852057 or email piersmeadows@meadowsryan.com.
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