My Home Move: the Bank of England interest rate rise announcement

Doug Crawford, CEO of My Home Move comments on the Bank of England interest rate rise announcement:

“Although this increase is the second we’ve seen in the last 12 months, it should be no surprise that interest rates have gone up, as we’ve been expecting this increase since May this year. Overall, the interest rate rise should be welcome news, as a strong economy should mean a strong housing market.

“As for the market itself, despite some borrowers seeing a slight increase in payments, we should see the risk controls put in place by Lenders over the last few years continue to provide stability and protection.

“Banks and Building Societies are continuously providing new and innovative products to cater to changing borrowing needs, so no doubt they will continue to offer competitive deals for their customers. Borrowers should continue to shop around for the best deal to suit their circumstances, always bearing in mind the long-term financial implications of the deal they settle on.”

Kindly shared by My Home Move