Following the Bank of England’s decision to increase interest rates in August 2018, The Building Societies Association is offeirng support for their mortgage customers, which may be of use to Woking constituents.
While the Bank Rate remains low after this increase, building societies will be carefully balancing the positives for savers against increased costs for some mortgage borrowers. Most outstanding mortgage balances are on fixed rates, so most borrowers will see no immediate change. For those on variable or tracker mortgages the increase in monthly payments is likely to be modest (i.e. approximately £13/month on a mortgage of £100,000). However, any borrower who is concerned about their ability to pay should get in touch with their lender to discuss help.
As part of the their consumer facing work, the BSA have produced a leaflet with the National Debtline which is available online:
This provides information for constituents about what to do if they are struggling to pay their mortgage.