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Mortgage Rates set to be repriced upwards

Now is the time to review any assets subject to mortgages or secured loans, as rates are at their lowest for a long time for single property owners or those who own a portfolio.

The Bank of England Monetary Policy Committee confirmed its forecasts for interest rate rise were now sooner than predicted in November last year, so industry experts are warning of significant upward interest rate changes for mortgage rates in the next two to three weeks.

It is predicted that the cost of funding to lenders will be affected by the swap rates as it filters through mortgage pricing.

Nationwide and Halifax have already repriced their mortgage rates.

Landlords need to make sure they are ready for the imminent changes.