They are going to increase!
With inflation going up already this will begin to give the Bank of England Monetary Policy Committee food for thought. Their role is to try and control inflation through the manipulation of interest rates.
Nothing is likely to happen until after the election, however, the Bank of England base rate will rise by the 3rd quarter of this year, this will have a knock on effect for all lenders Standard Variable Rates and so for all borrowers currently sat on these rates.
This will start to stimulate the remortgage market which has been virtually non-existent over the last 18 months. If you are on your lenders Standard Variable Base Rate please contact us in order to discuss remortgage options going forward.
Andrew Fowler worked for Limetree Financial Services until December 2010. Feel free to contact another member of our team for help or advice.