Mortgages pulled as interest rates may rise AGAIN after pound £££ fell to AL TIME LOW against US dollar $$$

Interest rates to rise AGAIN after pound £££ fell to AL TIME LOW against US dollar $$$

The Bank of England may have to raise base interest rates again to prevent pound sterling from collapsing against the US dollar after it fell to an all-time low of just over parity 1.03 this week following the Friday’s mini-budget.

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Last week, the Chancellor Kwasi Kwarteng cut taxes, as well as Stamp Duty for 200,000 homebuyers to stimulate the property market a day after the Bank of England (BoE) raised the UK base interest rate from 1.75% to 2.25% to combat inflation warning that the country “may” already be in recession.

The independent BoE move followed the Federal Reserve’s 0.75% hike last week putting further pressure on UK bonds and sterling.

Mortgage lenders have pulled fixed rate deals in anticipation of an early rate rise.

How high will interest rates go?

The Bank of England’s Monetary Policy Committee (MPC) meets in less than two week on 3 November and could be forced to raise rates again. The markets expects rates to rise to 4.5% by next year, which could push mortgage rates to over 7%, a level I have not seen for 20 years.

Now could be the time to get advice from a broker about fixing your mortgage rate for at least 3-5 years.

If you are already in a fixed rate deal and have a year or two left, you might want to consider switching to a longer-term rate even if you have to pay a small ERC – early redemption charge or penalty. Talk to a broker to weigh up the costs and benefits or do your own calculations by factoring in an interest rate of around 4.5%.

With 10% inflation and a weak pound, interest rates are on an upward trend, so take action now to protect yourself.

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