Interest rates on the rise

A senior Bank of England official has revealed that interest rates are expected to rise as early as 2015 bringing to an end a historic run of incredibly low interest rates.  Dr Martin Weale who sits on the MPC (Monetary Policy Committee) maintain that rates could rise as soon as Spring 2015.

The prospect of higher interest rates will put fear into the hearts of many landlords who have grown use to rock bottom interest rates and mortgage payments.

What to do?
Landlords could sit tight and just plan for higher rates whilst putting aside money to give them a future financial cushion.  Alternatively, they could look to fix their interest rate by transferring to a fixed rate mortgage.  If you are looking at locking in to low rates make sure that you minimise the cost of the new mortgage and that you lock into the fixed reduced rate for the maximum length of time, otherwise the set up cost of the transaction will not be worth it.  Always do your research to ensure that long-term you will be better off!

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