Impact of tax cuts, market down-turn and your mortgage.
So the pound is tumbling amidst the Chancellor’s announcement to cut £45 billion in taxes and the result is a back-lash from lenders who fear the ensuing volatility and have quickly removed products in the wake of the storm.
The evidence now suggests that everyone, everywhere, will be hit with a rise in interest rates at some point over the next year or so as inflation rises.
Avoiding this impact will not be possible. Lenders will return to the market with revised products that reflect the economic times we are living in; but they are unlikely to be as attractive as they once were.
What is there to be done? In these uncertain times when things are changing rapidly and radically it is hard to make the right decision, but knowing what may be coming up for you is probably the best position to be in.
If it is that your mortgage is up for renewal in the next 6 months, try and get a deal now that you can live with and for which you can plan for over the next few months.
With lenders dropping and changing products; seeking professional advice in these uncertain times, is all the more important.