Bank of England Base Rate:
How this impacts your mortgage

Get help from an expert mortgage advisor. We’re here to help if you’re concerned about the Bank of England Base rate and your mortgage 

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Author: Will Walton - Mortgage Advisor, Founder

Updated: August 04, 2023

 Here’s everything you need to know about the Bank of England Base Rate and your mortgage. Get in touch if there’s something specific you’d like to ask. You can get in touch by getting started or submitting a question to an expert mortgage advisor.

What will happen to my mortgage?

If your mortgage rate is a “tracker rate”, your mortgage interest rate may track the Bank of England Base Rate. If so, you will see this change reflected in your interest rate and monthly payment. 
If your mortgage interest rate is variable you may also see your monthly payment change.

What if my mortgage current mortgage deal is fixed?

A fixed rate mortgage deal means you won’t see your payment increase until the end of your fixed rate. when your deal ends, your mortgage rate may revert to your standard variable rate. This can mean your monthly payment can increase.

Mortgage payment gone up?

We’re here to help make sure you don’t miss out on savings with your mortgage deal

When should I look at switching mortgage deals?

This varies between mortgage lenders. Generally around 3-6 months before your fixed rate ends. This gives you plenty of time to speak to a mortgage advisor and review your options.

My current mortgage lender has sent me a new deal, should I take it?

Speak to a mortgage advisor first. You may be missing out on a better deal without getting expert mortgage advice first. We can also help arrange options with your existing mortgage lender too.

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