The Bank of England has raised interest rates for the first time in more than three years, in response to calls to tackle surging price rises.
The increase to 0.25% from 0.1% followed data this week that showed prices climbing at the fastest pace for 10 years.
It came despite fears the Omicron variant could slow the economy by causing people to spend less.
The Bank's action is set to increase the mortgage costs of some homeowners.
The decision by the Bank of England will add just over £15 to the typical monthly repayment for a tracker mortgage customer.
A standard variable rate mortgage-holder is likely to pay nearly £10 extra a month.
(read more here: https://www.bbc.co.uk/news/business-59682521)
Do you have a tracker mortgage and will now see your repayments rise? Are you worried that rising rates might affect your finances?
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Mortgage Guarantee to help buyers with 5% deposit
A mortgage guarantee scheme to help people with small deposits get on the property ladder was announced in the Chancellors recent Budget.
The government will offer incentives to lenders, bringing back 95% mortgages which have "virtually disappeared" during the pandemic, the Treasury says.
The new mortgage scheme is not restricted to first-time buyers or new-build homes, but there will be a £600,000 limit.
(read more here: https://www.bbc.co.uk/news/uk-56218952)
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When we review where our NEW business comes from, it is often from personal recommendations and referrals from our existing or previous clients.
Your experience working with Sussex Mortgage Services means so much and is very important to us.
Therefore, we decided to say thank you to all of our clients and reward them by means of our ‘Refer-a-Friend or Family’ scheme.
So, if you were happy with the way in which we have managed your expectations and your experience using our services, then PLEASE TELL YOUR FAMILY, FRIENDS and COLLEAGUES about Sussex Mortgage Services so that we can also help them!
Simply call us and give us your friends/family/colleagues details or contact us here with their details (quote; Refer a Friend).
Then, (upon completion of your friends/family/colleagues mortgage transaction), we will send you your chosen vouchers..........It's as simple as that!
Thank you from us all at SMS for recommending us, spreading the word and helping our business to grow. We really appreciate it.
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If you are already a member of 'Staff Benefits', please call us or contact us here to claim your discount. (quote; Staff Benefits/SMS/Discounts)
If you are an NHS employee and not already a member of the 'Staff Benefits' scheme, you can sign up for FREE!. Please call us for further information on how to register to receive your SMS discount and also access to many more exclusive discounts from high street outlets and national brands!
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