Get in touch

Hero Background Shape Hero Background Shape

Interest Rates Rise

Hero Cta Image

The Bank of England raises interest rates to 0.25%

In light of the announcement this morning that the Bank of England has increased interest rates, we wanted to write to you to explain how that might affect your mortgage.

The good news is that if your mortgage is on a fixed rate, your monthly repayments are unaffected. So, along with the other c.74% of mortgage holders who are on fixed rate deals your foresight in fixing your repayments will now prove its value. People with fixed rate mortgages are likely to be affected once they reach the end of their current deal. An interest rate rise could make remortgaging more expensive.

If you have a variable rate tracker mortgage that is linked to the BoE base rate, you are likely to see an immediate impact on the amount you repay. Those on a standard variable rate (SVR) could see an increase which is decided by the lender. If you are unsure, it is worth checking your mortgage terms and conditions in your mortgage offer document.

If you are on your lenders SVR, please ensure that you get in touch as you could be paying more than you need to be.

However, further rate increases cannot be ruled out and whatever your mortgage type, we strongly recommend you look at the terms of your mortgage and contact your financial adviser, who can review your mortgage needs for the future and help you plan to be in the best position to cope with the current turbulence in financial markets. It’s always a very good idea to have a financial plan in place to deal with any potential interest rate changes.

Read more posts

Footer Background Shape Footer Background Shape
The legal bit...

Mint FS Limited, trading as “Mint Financial Services” or “Mint FS” is an appointed representative of HL Partnership Limited, which is authorised and regulated by the Financial Conduct Authority. Mint FS Limited is registered in England and Wales with company number 11993128. Registered Office: Unit 6 The Centurion Centre, Castlegate Business Park, Salisbury, Wiltshire, SP4 6QX. The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK. Calls may be recorded for training and security purposes and to improve the quality of our services. Mint FS Limited have no control over and are not responsible for the content of other sites. Your home may be repossessed if you do not keep up mortgage payments on it. A fee is payable at outset. We charge a minimum of £395 up to a maximum of 1.5% of the loan amount.