Brokers have named rate rises, supply of housing and income multiples as top concerns among their clients. Last week, the Bank of England increased the base rate by another 25 basis points to 1%, the highest level since 2009. The increase also marked the fourth base rate rise since December 2021. The BoE’s
A greater desire for longer-term fixes presents a threat to income that must be dealt with now, argue some brokers. At the end of March, Moneyfacts revealed that the average rate for a two-year fix across all LTVs came to 2.85%. For a three-year fix, the average rate was at 2.86% and, for a five-year fix, 3%.
Tomorrow (17 March) the Bank of England (BoE) is expected to raise rates again in a bid to curb inflation that continues to climb. This will be the second rate rise in two months since the central bank’s Monetary Policy Committee voted 5-4 in favour of raising the interest rate from 0.25% to 0.50%. With another hike