The Bank of England’s decision to raise the base rate of interest for the first time in a decade has been welcomed by many, but it has also had an unexpected consequence. According to Twenty7tec, a leading provider of mortgage technology, there has been a 10% increase in mortgage broker searches since the announcement.
The news that the Bank of England had raised the base rate of interest from 0.25% to 0.5% was met with a mixed reaction from the public. While some welcomed the news as a sign of economic stability, others were concerned about the potential impact on their finances. It appears, however, that the rate increase has had an unexpected effect: an increase in mortgage broker searches.
According to Twenty7tec, searches for mortgage brokers have increased by 10% since the announcement. This is likely due to the fact that the rate increase has made mortgages more expensive, and many people are now looking for advice on how to get the best deal.
The news is a positive sign for the mortgage industry, as it suggests that people are taking an active interest in their finances and seeking advice from professionals. It also suggests that people are becoming more aware of the importance of getting the right advice when it comes to mortgages.
The rate increase has also had an impact on other areas of the mortgage market. For example, Twenty7tec reports that there has been an increase in searches for fixed-rate mortgages, as people look to protect themselves against future rate increases.
Overall, it appears that the Bank of England’s decision to raise the base rate of interest has had an unexpected consequence: an increase in mortgage broker searches. This is a positive sign for the mortgage industry, as it suggests that people are taking an active interest in their finances and seeking advice from professionals.