Karen Barrett, CEO of Unbiased.co.uk, comments on interest rate rise
Founder and CEO of Unbiased, Karen Barrett, comments: "An interest rate increase has been on the cards for a while so now it’s here, what will be the biggest impact?”
“Mortgages will be the main issue for many people. Those on tracker rates or their lender’s standard variable rate - as well as those with other loan or credit card debts that are not fixed - will see their repayments increase.”
“Savers may see this as good news but a word of caution. Interest rates on savings accounts are controlled by account providers and so do not have to rise just because the Bank rate does but the rate increase will make it easier for providers to offer more attractive deals.”
“Now that the Bank of England has raised interest rates once, further increases cannot be ruled out. Whether you are looking to retire, remortgage or review your finances, it’s vital to seek independent, trusted advice to ensure you are making the right choice for your circumstances. With more than 27,000 trusted and regulated financial advisers, a platform like unbiased.co.uk is a great place to start.”