Wed, 7 December 2022

Newsletter sign-up

Subscribe now
The House Live All
PM Sunak can deliver long-term energy stability, security and savings – here’s how Partner content
Environment
Protecting Wildlife, Protecting Nature: Why Biodiversity is Business as Usual for the Nation’s Fruit Farmers Partner content
Environment
We should be proud of our net zero commitments, but need to move forward into delivery Partner content
By SGN
Environment
Ad Net Zero: International Impact for UK Advertising’s Climate Action Plan Partner content
Environment
Decarbonisation: Right solution for the right home? Partner content
Environment
Press releases

BSA comment: Bank Rate increases from 0.1% to 0.25%

Building Societies Association

1 min read Partner content

Commenting on the increase in the Bank Rate from 0.1% to 0.25%, Paul Broadhead, Head of Mortgage and Housing Policy at the BSA said:

"A rate increase is an important psychological moment as it is the first time that the Bank Rate has risen since August 2018. But right now we have just moved from the lowest Bank Rate ever, to the second lowest ever.    

“Given the rising costs of energy and food and the tax hikes coming next year, it is helpful that eight in ten mortgage borrowers are on a fixed rate.  These people will continue to pay the same each month until their fixed rate period ends.  The 20% on variable rate mortgages are likely to see their payments rise, but I expect the increase to be modest, tempered by the highly competitive mortgage market which is still being driven by relatively high demand and a sparse supply of homes.

“Lenders are sensitive to the rising number of people facing a squeezed household budget and the advice to anyone worried about their ability to pay their mortgage is to get in touch with their lender early.  Lenders will do everything possible to help.”

Categories

Economy
Associated Organisation
Podcast
Engineering a Better World

The Engineering a Better World podcast series from The House magazine and the IET is back for series two! New host Jonn Elledge discusses with parliamentarians and industry experts how technology and engineering can provide policy solutions to our changing world.

NEW SERIES - Listen now