Should we expect a Bank of England rate hike?

The Bank of England’s inflation report is due on 2^nd August. The current level of CPI inflation is running at 2.3% which is higher than the Bank of England’s target of 2%.  This means there is a strong possibility that the Money Policy Committee could decide to increase the Bank of England base rate at their next meeting on 2^nd August.

There are still some fixed rate mortgages on the market with rates currently below 2%. This is likely to change if the Bank of England rate is increased.

If you are currently on a variable rate mortgage now may be the ideal time to look at re-mortgaging to secure a fixed rate to protect against any possible rate rises. If you would like us to take a look at this for you, please get in touch on 01543 440300, or email us at enquiries@acuityfinancial.co.uk.