Are interest rates going to go up? Will loans be more expensive in the coming months? Should you take advantage of historically low interest rates now, to protect your finances?
As we know, we live in financially uncertain times. Brexit negotiations, a new government and the prospect of rising interest rates dominate the media. We’d need a crystal ball to be able to predict to what degree our personal finances might be affected by all this!
The good news is that despite all this uncertainty – one thing is certain: interest rates have never been so low! So now could be a great time to take advantage of this and lock in the low rate.
You can lock in the low rate now with Freedom Finance.
Beat an interest rate rise
Small increases regarding the Bank of England interest rate can have a big impact on how much you end up paying back. For example, let’s say you had a car loan of £10,000 over 4 years. If the rate was 10.5% rather than the current low rate of 3.2%, you would pay back an extra £1,523! That’s 1,523 reasons to lock in the low rate now.
Will rates really go up?
Nobody knows for certain when interest rates will go up, but one thing is guaranteed – they won’t stay at these incredibly low levels forever. So why are the press talking about a potential rate rise? See the following articles:
So how might a Bank of England interest rate rise affect me?
Rising interest rates can affect us all in a number of ways. Whether we’re a saver, a holiday maker, or are looking to borrow money – the Bank’s rate has a direct impact on our finances.
- Better interest on savings
- Variable mortgage payments increase
- Higher repayments on loans
Beat the rate rise and lock in the low rate now with Freedom Finance.
Lock in your low rate now
Are you considering a new car or luxury holiday? Perhaps now’s the time to take the plunge and have that dream wedding? Or maybe your growing family now need that home extension. Whatever your plans, now could be the time to take advantage of the low rates and make it happen with Freedom Finance.