What would an interest rate rise mean for your mortgages, loans and investments?

Taking out any loan is a big decision. Now, taking out a mortgage is a decision that many people consider to be in the biggest ones in their lifetime. Taking out a mortgage is stressful because it is something that has to be paid back over the course of thirty years. That is a long time! Making sure you get a low, and usually fixed, interest rate for this time period is important for your financial goals.

Key Takeaways:

  • Investing should come after all of your debt is paid off and you are able to have extra money.
  • Keeping your interest rates really low is extremely important for people with financial goals.
  • Try to avoid high interest rates on mortgages as that will haunt you for a long time.

““The very cheap deals we have seen in recent years – some as little as sub one per cent – are likely to be a thing of the past,” said Sally Francis-Miles, money spokesperson at MoneySuperMarket.”

Read more: https://www.independent.co.uk/news/business/news/interest-rate-rise-what-mortgages-loans-investments-personal-finance-bank-of-england-a8473966.html