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George Osborne hints interest rates will increase

12 January 2016

George Osborne has hinted that interest rates could be set to rise this year.

He has made reference to the interest rate rise in the US last month and said a similar rise in the UK would signal a stronger economy and an indication that it is “normalising”. 

Interest rates have not increased from their record low of 0.5 per cent since 2009. This means many of the more recent first time buyers have yet to experience even a small rate rise in their mortgage payments. 

It is very important that you therefore look into your mortgage product and if it is not fixed calculate what a small increase would do to your finances. Budget ahead so that you have no nasty surprises later this year when/if rates do increase.

If you need FREE help with that calculation simply email info@tmp-mortgages with your current mortgage details, including amount outstanding, current interest rate and term of mortgage remaining. We can then give you an idea of what a rate rise could cost you.