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Mortgage: What does a base rate rise mean?

Published by: Simon Gilvey of Broadland Consultants Limited

The Bank of England monetary policy committee is widely predicted to raise the base rate of interest on Thursday 16th of June 2022 to anywhere between quarter, to as much as half a percentage point, which would take the base rate of interest to 1.5 per cent.

Luckily, there are still some great 5-year fixed rate mortgage deals available for existing homeowners and those looking to buy a new home.

Also, if you’re an existing homeowner, you can actually book your new mortgage deal up to 6 months in advance of when your current deal expires to get ahead of any further base rate increases.

According to figures from UK Finance for existing homeowners, in the region of 3.2 million face higher mortgage payments in 2022. There are around 1.3 million fixed-rate mortgage deals are ending at some point in 2022, which will push borrowers to refinance and setup a new mortgage deal at a higher interest rate.

There are also nearly 1.9 million homeowners on a variable or tracker mortgage, which move automatically in line with interest rates.

So why wait until your current mortgage deal expires and interest rates potentially increase further?

Please get in touch with the Sowerbys team to book an appointment with our expert mortgage advice partners, Broadland Consultants, who will be happy to secure and setup your new fixed rate mortgage now. And because they search the whole of the UK mortgage market they can help you save time and money too.

If you’re based in Norwich or Norfolk, their Mortgage Brokers offer face to face meetings (video and telephone appointments also available)

You can also search for live mortgage deals here.