Rate rise to affect residents

By newtown.wales

1 month ago 316 views

News Cost of Living

The most recent rise to the Bank of England base rate will affect up to 19% of Newtown residents who own their house with a mortgage or loan.

According to the 2021 census, 19% of residents in Newtown own their house with a mortgage or loan, which are impacted by the recent Bank of England rises to the base rate.

The base rate, which is used by mortgage and loan providers when setting their rates, has risen to the highest point in 14 years - 4.0%. Residents in Newtown who are coming to the end of their fixed rate mortgage terms, or use the standard variable rate or a tracker mortgages will be impacted.

According to the census data, the most common home ownership in Newtown is a house owned outright, with 31% of households in this category. This is followed by mortgaged properties, rented from local authority, private landlord rented or social housing rents.

The Bank of England has continued to rise the base rate to tackle rising inflation, making it harder to borrow forcing people to decrease spending, which in turn brings down inflation.

A full map below shows the area of our town with the different home ownership models.

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