{"id":2982,"date":"2024-03-04T14:26:11","date_gmt":"2024-03-04T13:26:11","guid":{"rendered":"https:\/\/pfadvisors.co.uk\/?p=2982"},"modified":"2025-04-07T13:39:03","modified_gmt":"2025-04-07T11:39:03","slug":"boe-higher-rates-pushing-people-towards-longer-mortgage-deals","status":"publish","type":"post","link":"https:\/\/pfadvisors.co.uk\/en\/boe-higher-rates-pushing-people-towards-longer-mortgage-deals\/","title":{"rendered":"BoE: Higher rates pushing people towards longer mortgage deals"},"content":{"rendered":"<p><em>The past couple of years have tested people\u2019s resilience in the face of soaring inflation, higher interest rates and, for many, a cost-of-living squeeze on incomes. In a recent Financial Policy Summary, the Bank of England (BoE) noted that many homeowners are still feeling the effects of higher interest rates \u2013 and many are dealing with them by increasing borrowing.<\/em><\/p>\n<p><strong>Longer mortgage deals<\/strong><\/p>\n<p>One result of these higher rates has been that some households have extended the length of their mortgage term. According to the report, there has been \u2018a notable increase in the proportion of borrowers taking out mortgages with 35 year or above terms.\u2019 Indeed, the proportion of mortgages lasting 35 years or more rose from 4% in the first three months of 2023 to 12% in the second quarter. [1]<\/p>\n<p>The BoE explained that, while taking out a longer mortgage term does offer short-term relief, there were risks involved, notably the fact that \u2018it could result in higher debt burdens in the future.\u2019<\/p>\n<p><strong>Credit card use on the rise<\/strong><\/p>\n<p>Likewise, the BoE expressed concern that people feeling the pinch could start borrowing larger amounts on credit cards. So far, the annual rate of credit card spending growth has stayed relatively stable at 11.8%, though the BoE warned that the trend \u2018could lead to greater debt vulnerability for households in the near term\u2019.<\/p>\n<p>\ud83d\udea8 Data accurate as of the date of publication \u2013 04.03.2024<\/p>\n<p>\ud83d\udea8Think carefully before securing debts against your home.\u00a0 Your home may be repossessed if you do not keep up repayments on your mortgage.<\/p>\n<p>\ud83d\udea8 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The past couple of years have tested people\u2019s resilience in the face of soaring inflation, higher interest rates and, for many, a cost-of-living squeeze on incomes. In a recent Financial Policy Summary, the Bank of England (BoE) noted that many homeowners are still feeling the effects of higher interest rates \u2013 and many are dealing [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2946,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[28],"tags":[],"class_list":["post-2982","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BoE: Higher rates pushing people towards longer mortgage deals - Prestige Financial Advisers<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pfadvisors.co.uk\/en\/boe-higher-rates-pushing-people-towards-longer-mortgage-deals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoE: Higher rates pushing people towards longer mortgage deals - Prestige Financial Advisers\" \/>\n<meta property=\"og:description\" content=\"The past couple of years have tested people\u2019s resilience in the face of soaring inflation, higher interest rates and, for many, a cost-of-living squeeze on incomes. 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In a recent Financial Policy Summary, the Bank of England (BoE) noted that many homeowners are still feeling the effects of higher interest rates \u2013 and many are dealing [&hellip;]","og_url":"https:\/\/pfadvisors.co.uk\/en\/boe-higher-rates-pushing-people-towards-longer-mortgage-deals\/","og_site_name":"Prestige Financial Advisers","article_published_time":"2024-03-04T13:26:11+00:00","article_modified_time":"2025-04-07T11:39:03+00:00","og_image":[{"width":940,"height":788,"url":"https:\/\/pfadvisors.co.uk\/wp-content\/uploads\/2024\/02\/PFA-blog-39.jpg","type":"image\/jpeg"}],"author":"Prestige-FA","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Prestige-FA","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/pfadvisors.co.uk\/en\/boe-higher-rates-pushing-people-towards-longer-mortgage-deals\/#article","isPartOf":{"@id":"https:\/\/pfadvisors.co.uk\/en\/boe-higher-rates-pushing-people-towards-longer-mortgage-deals\/"},"author":{"name":"Prestige-FA","@id":"https:\/\/pfadvisors.co.uk\/en\/#\/schema\/person\/50d699ec759d89772430606ad51a083e"},"headline":"BoE: Higher rates pushing people towards longer mortgage deals","datePublished":"2024-03-04T13:26:11+00:00","dateModified":"2025-04-07T11:39:03+00:00","mainEntityOfPage":{"@id":"https:\/\/pfadvisors.co.uk\/en\/boe-higher-rates-pushing-people-towards-longer-mortgage-deals\/"},"wordCount":302,"image":{"@id":"https:\/\/pfadvisors.co.uk\/en\/boe-higher-rates-pushing-people-towards-longer-mortgage-deals\/#primaryimage"},"thumbnailUrl":"https:\/\/pfadvisors.co.uk\/wp-content\/uploads\/2024\/02\/PFA-blog-39.jpg","articleSection":["Archive - 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