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Banks, Government, Loans, SME

The Bank of England has raised interest rates, again – What does it mean for me?

In case you missed our first report from late December about the Bank of England raising the interest base rate and what to expect, we have a small update on it. And although the information itself has not changed much since December; it is still worth reminding you what it means for you today.

So, what has changed since December? The Bank of England announced a further increase on the base rate from 0.5% to 0.75% which would still mean that anyone with a loan, or looking for one, might have to pay more in the long run. The higher the base rate, the higher the costs to borrow the funds from the bank.

What can businesses and individuals do now?

As the rate is expected to continue rising, it may now be a good time for property investment and to take advantage of the current rates and secure finance before it goes up again. Even though some lenders have already increased their rates, others have not, and using a broker to secure finance may help you benefit from these lower rates still available. It’s a time when brokers can add particular value – we know which lenders might be the right ones at the moment with the lower rates of interest still available.

For some it may be beneficial to secure a loan with fixed rates, while for others who already have a mortgage, a re-mortgage could be something to consider. Every borrower’s situation is different, it needs to be looked at individually with the help of your business finance broker.

Contact ASC today to assist further; we don’t work for the banks; we work for our clients. We will make sure you get the deal that is right for you. If you would like to discuss the options available to you, please contact your local ASC office for more details.

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