Now that Theresa May has taken office as Prime Minister, she will agree the government’s negotiating position before she triggers Article 50, and officially starts the clock on the UK’s exit from the EU.
Are you one of the many homeowners that might be affected by a rise in your mortgage rate?
It’s been a long time coming, but after almost six years many experts believe an interest rate rise is coming some time soon. Since March 2009 the Bank of England rate has stood at a record low of 0.5%, having been as high as 4.5% just five months earlier in October 2008.
The Centre for Economics and Business Research (CEBR) says that it could mean as much as £119 added to the average monthly mortgage payment across the country, with figures in the south-east much higher.
Do you know how an interest rate rise might affect you? Watch this video to see what some people said when we went on to the streets to ask for some thoughts.
Remortgaging your home can be for a variety of reasons. When you remortgage you either take out a new loan with your existing lender or with another provider – paying off your old mortgage with the money you receive.
Find a better rate
Many homeowners on an introductory low fixed or discounted variable rate may find that once that comes to an end, their interest rate and mortgage payments may well go up. This could be a good time to check out whether you can remortgage and get a lower rate elsewhere.