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How will the Bank of England’s rise in base rate affect your mortgage?

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Last week the Bank of England base rate increased again from 1% to 1.25% – the fifth increase since December 2021. 

The type of mortgage you have will determine whether you could be affected by this change to the base rate. If you’re not sure what type of mortgage you have, check your original mortgage offer or annual mortgage statement.

I’m on a Fixed Rate mortgage deal, will my payments change?

No, your monthly payments won’t change until you reach the end of your fixed-rate deal. 

I’m on a Standard Variable Rate or a Variable Rate, will my payments change?

Most likely. Find out exactly how much by contacting your existing mortgage lender. You might consider switching to a fixed deal now as you could find more competitive rates and protect yourself from any future rate rises.

I’m on a Base Rate tracker, will my payments change?

Yes, your monthly payments will increase, in line with the Bank of England base rate change. The date the new interest rate will affect your mortgage depends on the type of mortgage you have. You might consider switching to a fixed deal now as you could find more competitive rates and protect yourself from any future rate rises.

Should I remortgage?

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With interest rates still relatively low but predicted to rise further this year, now could be an ideal time to remortgage and lock in the best deal possible.

Even if you’re on a fixed rate deal, you may still be able to save money each month by switching to a new deal. 

You don’t have to go to your existing lender to get a remortgage deal

The Property Centre work with one of the UK’s leading mortgage networks, Mortgage Advice Bureau, and have one of their advisers in each of their branches. 

These Mortgage Advisers have access to thousands of mortgage deals. They can help you find the very best deal to suit your circumstances, whilst ensuring you’re not paying more than you need to.

Appointments to suit you are available quickly and easily – either in-person, over the phone or via video call.

Book an appointment to discuss your options for remortgaging with The Property Centre’s expert Mortgage Adviser, Clare Gregg.

There may be an early repayment charge on your current mortgage that you have to pay off before you can switch to a new deal. Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

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