Premier Gospel News

30 Mar 2023

Everything you need to know about rising interest rates

The Bank of England decided to increase interest ratesby 0.25% to 4.25% recently. This week Ken and Mary of The Humble Penny discussed how this decision to might affect our finances. As financial independence advocates, they shared their thoughts on managing finances amidst these changes. Inflation and Interest Rates Ken and Mary highlighted the Bank of England's unexpected announcement that inflation had risen to 10.4% in February, driven primarily by higher food, clothing, and footwear prices. They noted that future inflation is expected to decrease significantly but will depend on the economy's performance in the coming months. As for interest rates, they are expected to reach a little over 4.5% in August 2023. Mortgages For those with fixed-rate mortgages, there is no immediate impact due to the rate increase. However, approximately 1.4 million people will be coming out of fixed rates in 2023. Borrowers on tracker and standard variable rate mortgages should expect an increase of around 34 per month, assuming a 250k mortgage. For remortgaging, Ken and Mary suggest opting for a fixed rate for two to five years, with the best rates being 4.26% and 3.89% respectively. First-Time Buyers According to MoneyFact, first-time buyers can expect better rates on two-year and five-year fixed-rate mortgages at up to 4.5% and 4.3%, respectively (assuming a 90% loan-to-value ratio). Buy-to-Let Mortgages The best rates for buy-to-let investors are currently at 3.99% for a two-year fixed mortgage (assuming a 65% loan-to-value ratio) and at 4.25% for a five-year fixed mortgage. Credit Cards Lenders may pass on the rate increase to credit card holders, but they must warn customers first. Ken and Mary advise seeking advice or considering a 0% balance transfer credit card if you are struggling with high-interest rates. Savings Most banks might not pass on the rising rates to savers, but you can still get up to 3.4% on easy access accounts and up to 7% on regular savers. However, due to high inflation, the real return is still negative. They suggest maximizing your stocks and shares ISAs, lifetime ISAs, or cash ISAs. Investments Ken and Mary recommend focusing on investing in low-cost global companies through passive index trackers or well-researched dividend-paying stocks. In light of the 0.25% rate increase, The Humble Penny encourage individuals to stay positive, practical, and prayerful when managing their finances. They suggest maintaining a budget, exploring ways to earn extra money using existing skills, and overpaying on your mortgage if possible for lower rates in the future. Keep an eye out for the next interest rate update on May 11th and follow The Humble Penny for more financial guidance. For a full breakdown, listen here: [audio mp3="https://premiergospel.org.uk/wp-content/uploads/2023/03/PG-Feature-GB-Money-Matters-Mar-28th-2023-BOF-INC-BASE-RATE-INTEREST.mp3"][/audio]
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