Freedom Finance comments on the BoE Monetary Policy Committee interest rate rise (4 August)

Andrew Fisher, Chief Commercial Officer at Freedom Finance, one of the UK’s leading digital lending marketplaces – providing a wide range of 1st and 2nd charge mortgage products, comments on the Bank of England Monetary Policy Committee interest rate rise (4 August).

“Today’s 0.5bp hike is the largest in 27 years and will cause concern among first-time buyers trying to get onto the housing ladder as well as homeowners on variable rate mortgages or nearing the end of fixed terms.

“Given interest rates are likely to rise even further, it is more important than ever that people are shopping around from various providers to get the best mortgage deal and the offer that is most appropriate for their circumstances.

“This means not simply taking their existing lender’s offer but comparing different options out there on the market.

“There has been significant innovation within the mortgage industry recently with more longer-term deals coming to market as well as increasing personalisation through offset mortgages, for example.

“Digital marketplaces are a great place to start as they can show customers just the deals they’re eligible for and give them access to regulated, impartial advice that considers their overall financial situation.

“Using these technologies gives homeowners the best opportunity of securing a deal that will benefit them in the long-term while supporting them through the cost-of-living crisis.”

Kindly shared by Freedom Finance

Main photo courtesy of Pixabay