If you`re concerned about how the Bank of England`s base rate changing may affect your mortgage, you`re not alone, with more than one in four homeowners feeling the same way.
The Building Societies Association (BSA) property tracker has found that 27 per cent of borrowers are worried about paying their mortgage if the rate at which many mortgage deals are calculated from increases next year. Many people opt for a fixed rate mortgage partly because the repayments will stay the same throughout the fixed period of 2 to 5 years, regardless of what happens to the base rate.
It`s not just existing homeowners who are concerned about the base rate – the survey also shows that nearly half (46 per cent) of consumers think that mortgage repayments are a barrier to buying a property in the first place.
You can get a free quotation on a mortgage or remortgage for you through a mortgage deal matched to your specific circumstances by coming to First Choice Finance, as we have access to multiple lenders and have plans to help people both with and without an impaired credit history.
Discover more at firstchoicefinance.co.uk or by calling us on 0333 003 1505 or 0800 298 3000.
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