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Interest rates and you

ended 22. June 2023

The Mail Online are looking for business owners from any sector to give their views on how concerned they are about soaring mortgage rates, following the Bank of England rate decision at midday today. In return for your comments, they will give your company a plug. Qs to consider are: How are the higher mortgage rates we now have impacting you? How worried are you when you come to remortgage? If you haven't bought yet, do higher rates mean you won't be able to get onto the ladder as quickly as you'd like, or you'll have to buy much lower? Has your landlord upped the rent? How are higher rates impacting you? 

2 responses from the Newspage community

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Editor
Samuel Mather-Holgate
Independent Financial Adviser at Mather and Murray Financial
The bank governor has lost his mind. This rise will tip the UK into a severe, protracted recession and he will have to think about he deals with the deflation around the corner once prices rises caused by energy spikes fall out of the system. These rate rises have battered homeowners and renters, as mortgage rates push up rents. It makes no logical sense as it’s a proven failed policy of trying to handle inflation caused by supply shocks. Sunak should have Bailey’s P45 in the post tonight!
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Rob Dawes
Director at Briight
At Briight, we find ourselves unexpectedly caught in the grips of the surging mortgage rates that are reverberating through the business landscape.

The impact of these rates has become a significant hurdle for our team members. Over the past six months, nearly half of our people have been confronted with the task of remortgaging their homes, obviously at new, higher rates.

During our recent internal performance reviews, the escalating costs of mortgages and bills emerged as a recurring concern. Whilst we have been able to support our team members, the economic uncertainty means that although demand for our services remains high, our clients are being squeezed on their own budgets, so negotiations are tougher than ever.

From our conversations, the predicament faced by Briight is not unique, as businesses across various sectors are grappling with the far-reaching implications of these soaring mortgage rates.