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)
