“As expected, the Bank of England has held interest rates once again. However, when Mark Carney announced last November’s 0.25% interest rate rise, he made it clear it would be the first in a series of increases so it’s only a matter of time before we will see another rate rise.
Borrowing rates have been unrealistically low for a decade and – unless we see a drastic change in the economy – the industry and our business is fully prepared for an interest rate rise later this year, most likely in May. The slow increase in rate rises echoes the strategy employed by the US Federal Reserve and we believe is needed to correct the market, which is currently overvalued. As interest rates normalise, asset bubbles created by the artificially low interest rates will correct themselves.
In response to the imminent increase, we have been helping clients to lock in lower rates whilst they’re still available. Most clients are looking to the long term and fixing rates for at least five years. Every situation is different so it’s vital to talk to a broker with a strong network and access to a wide range of lenders to ensure you’re getting the best of what the market has to offer.”
Notes for Editors
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