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NEWS:

(1st September 2024) - Bank of England cuts interest rates to 5% in first drop since March 2020

The Bank of England has kept interest rates on hold at 5%, but a further cut is expected later in the year.

Interest rates affect the mortgage, credit card and savings rates for millions of people across the UK.

The first drop in rates for more than four years came in August, but borrowing costs remain high. Read More Here

(1st August 2024) - Bank of England cuts interest rates to 5% in first drop since March 2020

The Bank of England's governor said a decision to cut interest rates is "an important moment in time" but warned people not to expect a sharp fall in the coming months.

In a closely-run decision, rates were lowered to 5% from 5.25% on Thursday, marking the first cut since the start of the pandemic in March 2020. Read More Here

The rate cut has come at last. 

This is more than just the Bank of England cutting its base interest rate for the first time in four years

The cut will be seen as an important staging post as the economy starts to turn the corner on years of inflationary shocks.

It is opportune timing for the new chancellor and government, with a strong pound helping contain some inflationary pressures from imports.

There will be some relief for many homeowners and movers, although most are now stuck on fixed-rate mortgages and are likely to face much higher rates when these deals expire over the next few years.  Read More Here

(21st May 2024) - Rates should be cut to 3.5% by end of 2025, IMF says

UK interest rates should be cut to 3.5% by the end of next year, the International Monetary Fund (IMF) has recommended.

Such a move could see the Bank of England cut its key rate by up to seven times from its current level of 5.25%.

The IMF's comments came as it upgraded its UK's growth forecast for 2024, but it it advised against any further tax cuts.

Chancellor Jeremy Hunt said the report "clearly shows that independent international economists agree that the UK economy has turned a corner". Read More Here

(21st March 2024) - UK Interest Rates; Bank Bosses say cuts 'on the way'

The Bank of England boss has said "we are on the way" to interest rate cuts after they were left unchanged at 5.25%, their highest for 16 years.

The Bank still needed to see inflation fall further, but last month's drop to 3.4% was "very encouraging and good news," governor Andrew Bailey said.

But he said rate cuts could come before inflation hits its 2% target.

It leaves open the option that the Bank could cut interest rates as early as May, sooner than had been expected. Read More Here

(20th March 2024) - Inflation Update

I’m sure you’ve all seen that inflation for February has slowed to 3.4% from 4% in January bringing us ever closer to the 2% target. 

3.4% is a two & half year low and on a monthly basis rose by the slowest amount since September 2021. 

(21st Sep 2023) - Bank of England holds base rate at 5.25%. Is this the end of road for hikes?

The Bank of England has maintained the base rate at 5.25%, pausing its 14 consecutive hiking cycle, which started in December 2021.

The Bank’s Monetary Policy Committee (MPC) voted by a 5-4 majority to maintain the base rate at 5.25 per cent. Four members preferred to increase it by 0.25 percentage points to 5.5 per cent  Read More Here

Experts predict an end to Bank of England base rate hikes Read More Here

 (25th June 2023) - UK Prime Minister Rishi Sunak has urged homeowners and borrowers to "hold their nerve"

The UK Prime Minister has urged homeowners and borrowers to "hold their nerve" over rising interest rates aimed at bringing down stubborn inflation.

Rishi Sunak told Sunday with Laura Kuenssberg: "I want people to be reassured that we've got to hold our nerve, stick to the plan and we will get through this."

This week the Bank of England raised interest rates to a 15-year high of 5.00%.

Millions of people are facing higher mortgage repayments following the rise.

"I can tell you as prime minister, the Bank of England is doing the right thing," Mr Sunak told the BBC. "The Bank of England has my total support. Inflation is the enemy." Read More Here

Banks and building societies will offer more flexibility to struggling mortgage-holders as rates soar 

The move comes after bank bosses met the chancellor, Jeremy Hunt, in Downing Street on Friday.

Borrowers will be able to make a temporary change to their mortgage terms, then will be able to return to their original deal within six months. Read More Here

  

Are you worried about YOUR mortgage and interest rates?

Do you have a tracker mortgage and will now see your repayments rise? Are you worried that rising rates might affect your finances? Is it time to Fix your mortgage repayments?

Please call us on 01273 906706 to discuss all your options in more detail and which is best for you!

 

What type of Mortgage to choose and which is best for YOU!?

Getting a mortgage is one of the biggest financial commitments you're ever likely to make. While the prospect can be exciting, navigating the market can be overwhelming – especially with interest rates higher than they have been in years – so it's crucial to understand which mortgage will suit you. Getting advice from a qualified independent broker will help you & could be one of the best decisions you ever make in a 'minefield' of interest rates, products & various mortgages. 

Please call us to discuss all your options in more detail & to get advice that is tailored to your specific individual needs & circumstances.  

 

Expert Advice

Getting a mortgage can be a challenging and complicated process. That’s why you need regular access to expert guidance, support and financial advice from people you know you can trust. Our aim is to provide you with professional knowledge of the market and excellence in customer service whilst being on hand to help every step of the way.

We're committed to helping you fully understand the broad range of options available to you so that you can work with us to make an informed decision about the product that is most suited and tailored to your individual circumstances and requirements.

 

'Refer a Friend' Scheme

As a valued client of ours you can receive vouchers of your choice when you refer a friend, family member or colleague to us (subject to our T&C's). Please call or email us for details.

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.


Exclusive NHS Staff Benefits Scheme

We are very proud to be able to offer discounts to NHS Employees via the 'Staff Benefits' scheme. 

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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Our aim is to find out about you, your current situation, the type and cost of the property you would like to buy or remortgage. This will help assess your circumstances and show the best way to proceed.

2. Searching for the best product

Once we fully understand your personal situation, our experts will search through a comprehensive range of mortgages in the marketplace to find the right one to suit your needs.

3. Presenting you with the solution

Once we’re happy that we have the right solution for your needs, we’ll present this to you in an easy to understand document, and you can ask any questions that you may have.

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