Rising Interest Rates

I think interest rates are going to rise by up to 2% in the next 12 months.

This is based on what is happening in America with inflation which is usually reflected afterwards in the UK.

I believe It would be a VERY good idea to get all possible variable rate debts paid off ASAP and increase if possible the amount you are saving.

Obviously, there is very little that can be done by some on their mortgages, however, where possible, I would opt for fixed rates for as long as possible.

Getting a fixed rate loan to pay off any variable rate balances on credit cards would also be a great idea or swap balances to cards that offer 0 interest for the life of the balance.

It could be an idea, if you are considering it, to now get equity release on your property as there are no repayments to make on the loan and part of the funds released can go to pay off your or your children’s variable loans insulating against the massive increase in monthly outgoings that is looming for many.

Thy will be done can provide you with independent advice on equity release through their FSA regulated dedicated equity release advisors and can protect the remaining equity in your property for our children with a Trust – call us on 0800 668 11 64 for more info.