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By Richard Ollive

Rising interest rates continue to impact mortgages

Media centre financial planning
1 min
Lady in white

If you're covering the Bank of England (BoE) interest rate rises, please see the following comment from Richard Ollive, Senior Specialist Financial Adviser at Wesleyan Financial Services:

"Today’s decision marks the thirteenth consecutive base rate rise, and it’s unlikely to be the last we’ll see.

"For most people, this means more costly mortgages. Whether on a tracker and feeling the immediate increase in monthly repayments, or remortgaging at the end of a fixed term deal and experiencing a jump in costs, it’s clear that mortgages are becoming challenging for many to manage. We’re also seeing fewer products on the market, with lenders repricing and removing deals at very short notice. Simply, it’s making it hard for consumers to shop around.

"While many optimistically hoped we’d return to a low inflation, low interest rate environment later this year, it looks unlikely. We expect that we’ll see these trends continue well into 2024 before they reverse."

For more comments from Wesleyan, contact our PR Manager, Nicola Pledger.