Call us
01242 697821

Blogs

Keep up to date with the latest news and our guides on all things mortgages. 

Another Bank of England base rate rise. What does this mean for your mortgage?

The Bank of England increased the base rate from 2.25% to 3% on Thursday 3rd November. Another base rate hike and the largest single rise since 1989. This no doubt sounds very daunting for any homeowner with a mortgage.

What does this mean for your mortgage?

If your current mortgage deal is looking to end in the next 12 months, you have options you can explore now and this is where we can help:

Your options

If your current mortgage deal is looking to end in the next 12 months you have options you can explore now, with our help:

  • If your mortgage is due to end in the next 6 months

Give us a call to look at securing a deal ahead of your deal coming to an end. Some lenders can lock in deals up to 6 months in advance so it might be worth the discussion now.

  • Weigh up your Early Redemption Charges against the higher rates

If you’ve got longer than 6 months on your current deal, the Early Redemption Charges may work out costing you less overall than the higher interest rates that could be in place when your current deal comes to an end.

  • On a variable or tracker rate?

Once you know your new mortgage rate following the base rate rise, contact us so we can discuss if you ditch, switch and save - and act quickly, as current rates are being rapidly reviewed and increased. This is especially likely for those on standard variable rate (SVR) mortgages.

  • Unsure of your options?

As a mortgage holder, it can be confusing and unclear what the changes mean to you, but if you’re unsure we’d encourage you to pick up the phone and get in touch with us to discuss your current situation so we can advise on the most suitable options.

  • If you’re struggling to pay

Avoid missing repayments without first speaking to your lender. With the cost of living increasing, many homeowners are struggling to meet their mortgage repayments. Missing a mortgage payment is known as falling into 'arrears'. You want to try to avoid this as best you can, as it'll have a serious impact on your ability to get credit in future. So, speak to us, or your lender as soon as you can to discuss your options.

Our role is to help you avoid worry and stress surrounding the news headlines. It is important to remember that a lot of these headlines are often misleading and do not paint an accurate picture of the market right now. While it may feel uncertain it’s important to understand that these situations are often temporary and not without solutions. Fairview Financial are still helping clients every day because, despite the BOE rate increases many are finding that the mortgage is still affordable. Ultimately, it is not always about the rate percentages (as scary as they are becoming lately) it is about whether or not you can still afford the monthly repayments. This is where we can help guide you.

SPEAK TO AN ADVISER

Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage. You may be charged a fee for mortgage advice. The precise amount will depend on your circumstances.

Related

Protect yourself against phishing scams - don’t take the bait!

Protect yourself against phishing scams - don’t take the bait!

Phishing is a type of cyberattack where fraudsters send emails or messages that appear to be from a ...

Read More >
Benefits of International Private Medical Insurance

Benefits of International Private Medical Insurance

If you’re planning to move abroad, there are many things to consider, from where you’re going to l...

Read More >
How to use Equity Release to buy a new home

How to use Equity Release to buy a new home

If you’re 55+ and have been eyeing up your dream home but aren't sure how you'll be able to...

Read More >
2024 Autumn Budget

2024 Autumn Budget

Let’s go through one of the biggest tax-raising Budgets in history. With the new government underwa...

Read More >
More greens - lower insurance premiums

More greens - lower insurance premiums

Sorry, your mum was right – eating your greens is good for you! Maintaining a healthy lifestyle obv...

Read More >
Easter Holiday Money Saving Tips: Enjoy Your Break Without Breaking the Bank

Easter Holiday Money Saving Tips: Enjoy Your Break Without Breaking the Bank

Easter Holidays are a time for rest and relaxation, but they can also put a strain on your finances....

Read More >

What our clients say...

Latest Blog

A fresh start for your money this spring

Let’s get a bit cheesy this month with this very catchy phrase: “Spring Cleaning Your Finances—A ...
Read More

How does your gender affect health?

Are you looking for a health insurance policy? We’ve looked at the research and there are some dif...
Read More

Your monthly equity release update

New research shows that people over the age of 55 are increasingly choosing to release equity in the...
Read More

Expect the unexpected: Critical Illness Protection for the whole family

Did you know Critical Illness Protection is important for the whole family? Not just the main earner...
Read More

Recently divorced or separated? Is your insurance up to date?

If you're going through a divorce or separation, updating your insurance policies is a necessary ste...
Read More

Why a specialist can save your mortgage

In our post-pandemic world, we are seeing lots of changes for the needs of borrowers! Do you need sp...
Read More

Key Changes to Stamp Duty

As of April 1, 2025, significant changes to the UK's Stamp Duty Land Tax (SDLT) have come into effec...
Read More

Here are some tips for managing bills and finances when you don’t have a regular income

Managing money and bills self-employed can feel like a juggling act. Especially since you don't have...
Read More

Look after your health to ensure you are ready to work

Managing money and bills self-employed can feel like a juggling act. Especially since you don't have...
Read More

Is equity release available for the self-employed?

Are you self-employed, retired, or unemployed and looking for equity release? Are you wondering if y...
Read More


Fairview Financial Ltd is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. Fairview Financial Ltd is registered in England and Wales no: 10912424. Registered office: 107 Promenade, Cheltenham, GL50 1NW.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

@ 2020 by Fairview Financial

Our Fees        

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Our standard fee for mortgages is £395 and this is paid when the mortgage is offered. We charge a fee of £295 First-Time Buyers. Other fees may apply depending on the complexity of the work involved or loan amount. The maximum fee we can charge is £795.

Our standard fee for Equity Release is £895 and this is paid on completion.

We also receive a commission from the lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. If we receive a commission, this will not affect the cost payable by you.

THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

EQUITY RELEASE: THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, PLEASE ASK FOR A PERSONALISED ILLUSTRATION. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.


  • Back to top