financial independence

Today U.K Interest rates increased a further 0.25% to 5.75% Arrrrrgh!!!

Worst to come many economists say U.K Interest rates could increase further to 6% before christmas, inflation here in the U.K is above target and the bank of england need to bring it under control.

Why is inflation high?

Because people are spending money they don't have. The BoE puts interest rates up to curb consumer spending and increase the pounds value.

What does this rise mean? 

If your mortgage is £100,000 the latest rate rise meas your gonna be an extra £16 a month worse off thats £194 a year.

Not to worry stubsy's here with some ways to cut your expenditure.

The first thing you could look at is your mortgage.

If your mortgage is currently a variable one it I will be rising inline with the bank of england base rate and you'll be paying more after today. Have you considered a fixed mortgage?

What else can you do?

You could reclaim some of the cash your bank has taken off you in the form of charges, you can get this money back for yourself. I have a little guide for you here Reclaim your charges if however you don't have time, can't be bothered or don't want to run the risk of the court siding with your bank and costing you even more cash.

There are companies that will reclaim your cash for you and go to court if necessary to find one of these companies on a no win no fee basis Click Here