In recent communications Rishi Sunak, has stated that UK public finances could be vulnerable to higher inflation during the discussions of the spring statement. In the report, the treasury committee commented that the government has contributed to the current higher inflation rate of 5.5% in January, which is suspected to rise to 7% by April of this year.
Mel Stride, Chair of the Treasury Committee, stated that “with financial sanctions being imposed on Russia, the cost of gas is likely to continue to increase, leading to higher inflation pressures”.
As the cost of living in the UK is rising due to inflation, Bank of England base rate increases and the rising concern over the cost of heating due to the ongoing conflict in Ukraine and Russia, if you are currently on a tracker mortgage, or are coming to the end of your initial fixed period, rest assured our independent expert advisers are here to help! At an uncertain time, having certainty around your mortgage repayments can offer peace of mind.
Remember, your current mortgage deal may carry early redemption charges, but it may still pay to speak with an adviser to see if you would benefit from paying these fees, in order to move to a new mortgage product to save you money in the long run. We can guide you through the process and help calculate the costs, by checking your circumstances against all products and lenders in the marketplace.
If you would like discuss your current mortgage and the options available to you, please speak to one of our friendly and independent advisers, free of charge, and have a professional on your side, who will take the time to listen and support you through your refinance.