The Bank of England (BoE) hiked the base rate by 50 basis points to 3.5% this lunchtime but LMS chief executive Nick Chadbourne says “there is still no need for mass panic”.
The latest rate increase marks the ninth hike this year and the highest level since the financial crisis 14 years ago.
Chadbourne explains: “The rise has already been priced into the money markets so it shouldn’t impact new mortgage products. Homeowners need to bear this in mind and know that there are still options available to help them find products and rates most suited to their needs.”
However, he expects the latest increase to affect standard variable rates (SVRs).