Bank of England’s 5% interest rate hike will naturally worry homeowners and potential buyers

Author: Daniel Hickey, Managing Director, PLS Solicitors

As interest rates increase yet again, it’s only natural for homeowners or potential buyers to feel concerned about their financial status. As a law firm that covers every base of the property cycle – from lender to purchaser and seller, our experience is that change will result in new opportunities.

Right now, there is a lot of media hype, painting the daunting picture of lenders turning away long-term borrowers and suggesting there is a crisis for lending to new buyers. Whilst it is important to be prudent and money will be tight, people coming to the end of their fixed rate mortgage should not shy away from considering remortgaging with another lender in fear of not qualifying. As expert conveyancers that have gone through many financial cycles, the first step I would recommend is to speak with your lender or a mortgage broker sooner rather than later to discuss the solutions available.

In all likelihood, you will have options. By taking proactive steps, you may be able secure more favourable terms. Seeking the right legal advice with a conveyancer that sits on both sides of the property lifecycle is also worth considering.”

There is help out there

Moving home and re-mortgaging can be a challenging time. If you are anxious at any stage of the legal conveyancing process, our legal advisors are always on hand to help and answer any questions you may have about the legal process.

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