Take a look at the mortgage..
Tuesday 19th September 2017
It’s never a bad time to review your biggest borrowing but now might be a good time. On Jazz FM’s Business Breakfast this morning, Simon French from Panmure Gordon told me he now expected an interest rate rise in November.
The Governor of the Bank of England, Mark Carney, in a speech yesterday hinted at it, saying that he was concerned that the recent spike in inflation may be a bit more long term. So, argues French, the ideal time to put a slight squeeze on would be the Bank Monetary Policy meeting in November.
It would only be a 0.25% rise – reversing the similar cut in August 2016. But it’s not to be the start of an interest rate rise cycle – wage increases will remain flat because pension payments and the introduction of an apprenticeship levy will suppress pay awards – so this November rate hike will be a case of, as French puts it, ‘one and done’.
Nevertheless, always worth a check on your borrowing.
Share this post: