Continue reading FIFE PROPERTY MARKET UPDATE – 6th – 12th AUG 2023 (Watch/Listen)
Interest rates have risen to 5.25% following a 0.25% increase announced by the Bank of England.
This is the 14th consecutive rise and marks the highest interest rates in 15 years.
The reason behind these rate hikes is to combat high levels of inflation. The government has set a target of 2% inflation, and the recent inflation rate drop to 7.9% in June has been better than predicted by the markets.
Today’s increase in Bank of England rates has sent ripples of concern among Fife homeowners, particularly those with impending remortgages or seeking new deals.
The decision by the Bank to raise rates by 0.5% has sparked discussions about the potential consequences and the steps Fife homeowners should consider taking.
For some, the immediate impact will be felt in their monthly budgets.
Fife homeowners on typical tracker mortgages can expect an average increase of £47 per month, while those on standard variable rate mortgages may face a £30 jump.
However, it is worth noting that approximately 4 out of 5 mortgage customers hold fixed-rate mortgages, providing a temporary shield against immediate payment adjustments.
Continue reading RISING MORTGAGE RATES: Impact on Fife Homeowners (Read 3 min)
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c/o 9 Mitchell Street,
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Cupar
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9 Mitchell Street,
Leven,
KY8 4HJ
c/o 9 Mitchell Street,
Leven,
KY8 4HJ
c/o Bitwise Group
Crescent House, Carnegie Campus
Dunfermline KY11 8GR
c/o 97 Bonnygate,
Cupar,
KY15 4LG
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