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0.5% Increase to interest rate

It comes as no surprise that when the Monetary Policy Committee met today they agreed to increase interest rates. It was almost a given that it would be a 0.5% increase.

Affordability Stress Test is going!

Following on from a previous post I wrote in March around a consultation being run by the Bank of England regarding the removal of the mortgage affordability stress test, the result is in. Surprisingly it is going to be removed from the 1st August 2022.

Interest rates move to 1.25%

The Bank of England increased rates again today, from 1% to 1.25%. It was not unexpected and a further increase is anticipated next month. Whilst it does not have a significant impact for most it is adding up to a significant amount when you consider this is the 5th rise in recent months.