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Mortgage misery as MPC hikes rate
05/07/2007
Thousands of mortgage holders across Britain and Northern Ireland will be facing higher repayments after the Bank of England's monetary policy committee (MPC) announced that the interest rate would rise again.
The MPC adjudged that the bank rate should rise by a quarter of a per cent to 5.75 per cent in order to keep a lid on inflation, which the government aims to be around two per cent.
This follows the quarter point rise in May, although the bank decided to level the interest rate as it was at 5.5 per cent in June, to the surprise of many.
With house prices in Northern Ireland already at an all-time high, it is unlikely that solicitors in the province will see many more clients than usual who wish to complete a sale as only the better-off are likely to be able to afford both a new house and higher repayments.
And for those who wish to remortgage, the more sage are most likely to opt for a fixed-rate deal, as no one can be sure when the rates rill rise again.
Contact us for legal advice
The MPC adjudged that the bank rate should rise by a quarter of a per cent to 5.75 per cent in order to keep a lid on inflation, which the government aims to be around two per cent.
This follows the quarter point rise in May, although the bank decided to level the interest rate as it was at 5.5 per cent in June, to the surprise of many.
With house prices in Northern Ireland already at an all-time high, it is unlikely that solicitors in the province will see many more clients than usual who wish to complete a sale as only the better-off are likely to be able to afford both a new house and higher repayments.
And for those who wish to remortgage, the more sage are most likely to opt for a fixed-rate deal, as no one can be sure when the rates rill rise again.
Contact us for legal advice
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