23 March 2023
Base Rate Rise to 4.25%
Mortgages
The Bank of England has raised the Base Rate 0.25% to 4.25%. Did you know more than 1.4 million households coming to the end of a fixed rate mortgage in the UK are facing interest rate rises when they remortgage in 2023?
- . If you have a fixed rate mortgage, your monthly payments won't be affected right now
- If you have a tracker mortgage linked to the Base Rate, you will already have seen an increase to your monthly payments and are likely to see further rises.
- If you have a variable rate mortgage, you may have seen an increase to your monthly payments. Your lender will be in contact explaining the new rate and what you can expect to pay.
- The rising Base Rate enables annuity providers to offer strong guaranteed incomes. The rise to 4.25% can be good news as the income you receive from an annuity can be fixed on the day you purchase.
- The Base Rate rise is good news for savers but high street banks are the least likely to pass on the increase
- Inflation is still out-pacing most interest rates on the high street even with the Bank of England raising Base Rates
Investments
With news of record public borrowing The Bank of England has once again chosen to raise the Base Rates, this time by 0.25% to 4.25%
- The Bank of England has opted for a 0.25% Base Rate rise
- In changing times investors should keep a cool head and a well-diversified portfolio.
- Diversification can help you through market uncertainty that may emerge
- Inflation increased to 10.4% in February from 10.1% in January – signs that the inflation battle is not over yet
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
After a cold night, the day began early with a loud call to prayer at 5 am, jolting us awake and reminding us we were in a very different place.
By 7 am, we sat down to a hearty breakfast of porridge, pancakes with jam, coffee, and water. The meal gave us much-needed energy for the long day ahead.
We met our guide, Abdoul, along with the mule that would carry our main gear to base camp. Renting crampons for the summit climb added to the sense of both excitement and preparation for the challenges ahead. By 9 am, we set off.
The adventure began at the ungodly hour of 5 am on the frosty morning of 2nd January. With the cold snap in full swing, my entire family rallied to see me off. Ben and Toby tumbled out onto the street in their pyjamas, bleary-eyed and shivering in the freezing cold. They stood there waving goodbye, a sight both chaotic and heartwarming. Thankfully, the street was deserted, sparing them (and me) from any extra embarrassment. As soon as the car pulled away, they were likely back under their duvets before we had even reached the main road.
On the 29th of November, I received an invitation that was both thrilling and slightly terrifying: climb Toubkal, the highest mountain in North Africa. Oh, and I had only 31 days to prepare. With no mountaineering experience and barely enough time to gather the right gear, it felt more like an exercise in chaos than adventure.
Toubkal had been sitting on my bucket list for years, collecting dust while life kept getting in the way. Now, the opportunity was here, and despite the tight deadline and my inner voice screaming “Are you mad?”, I just couldn’t say no.
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