Bank Rate stayed the same… so why are mortgage rates rising?
The Bank of England has kept the Base Rate at 3.75%, but many major mortgage lenders have already increased their fixed rates.
Why fixed rates are rising
That’s because fixed mortgage rates are influenced by what financial markets expect to happen next - and there is now a genuine possibility of a Base Rate rise later this year.
If your current mortgage deal ends within the next six months, now is the time to review your options.
Acting early could allow you to:
- Secure a rate before any further increases
- Avoid automatically moving onto your lender’s costly variable rate
- Review the secured deal again before completion if better options become available
- Understand your future payments and plan ahead
You don’t necessarily have to switch today - but waiting until your deal is about to end could limit your choices.
When should you review your options?
Message HD Mortgages with your mortgage expiry date, and we’ll let you know when you should start reviewing your options.
Ask Holly on WhatsAppYour home may be repossessed if you do not keep up repayments on your mortgage. Eligibility and product availability will depend on your individual circumstances and lender criteria.
Information correct at the date of publication and provided as a general guide only. Mortgage products, criteria and market conditions can change. This article does not constitute personal advice.