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Responding to the Bank of England's latest Bank Rate decision, announced today, David Postings, Chief Executive of UK Finance, said:
Lenders are ready to support customers who are feeling the strain from the rising cost of living. Over 80 per cent of homeowners are on fixed rate deals and will be protected from any immediate rise in mortgage repayments following the Bank Rate increase. Those customers who are due to come off their fixed rates later this year are, however, likely to face higher monthly repayments. “Lenders are prepared to help anyone struggling with their mortgage payments. If you are worried about your finances, do get in touch with your lender early to discuss the options available. They have teams of experienced and understanding advisors who will develop a solution tailored to your individual circumstances. Making a call to your lender to discuss the options available will not impact your credit score. “Importantly, the level of homeowners in arrears remains low, meaning that most households are able to keep up with their monthly payments.
Lenders are ready to support customers who are feeling the strain from the rising cost of living. Over 80 per cent of homeowners are on fixed rate deals and will be protected from any immediate rise in mortgage repayments following the Bank Rate increase. Those customers who are due to come off their fixed rates later this year are, however, likely to face higher monthly repayments.
“Lenders are prepared to help anyone struggling with their mortgage payments. If you are worried about your finances, do get in touch with your lender early to discuss the options available. They have teams of experienced and understanding advisors who will develop a solution tailored to your individual circumstances. Making a call to your lender to discuss the options available will not impact your credit score.
“Importantly, the level of homeowners in arrears remains low, meaning that most households are able to keep up with their monthly payments.
UK Finance press office: 020 7416 6750 / press@ukfinance.org.uk
View our latest mortgage data and information.
View our Cost of Living page, which contains information on the types of support available for consumers who may be worried about their finances.
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