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

How can I save money with my health?

How can I save money with my health?

Are you looking for some extra support with your health? There are options to help you save money wi...

Read More >
Equity Release - Gifting to Family and Friends

Equity Release - Gifting to Family and Friends

Equity release gifting is a great way to release tax-free cash from your home to help friends and fa...

Read More >
How to stay active through summer! (and how health insurance can help)

How to stay active through summer! (and how health insurance can help)

With the warmer weather approaching, it’s a great time to get active without hitting the gym! We’v...

Read More >
Inheritance tax allowance freeze: What does it mean?

Inheritance tax allowance freeze: What does it mean?

As announced in the Autumn statement by Chancellor Jeremy Hunt, the government have made the decisio...

Read More >
Use Equity Release to get your house ready for winter

Use Equity Release to get your house ready for winter

With winter approaching, are you asking whether your home needs a toasty update? If you are over 55,...

Read More >
Our most frequently asked questions on Equity Release

Our most frequently asked questions on Equity Release

Over recent years, Equity Release has become an extremely popular way of boosting and supplementing ...

Read More >

What our clients say...

Latest Blog

Your Guide to Medical Underwriting

Let’s be honest, insurance can often feel a bit overwhelming when going through the fine print! Whe...
Read More

When Might an Insurer Not Pay a Claim?

We often get asked, when might an insurer not pay a claim? I understand how frustrating it can be wh...
Read More

Have You Heard of the Term ‘Mortgage Prisoners’?

If you’re a homeowner in the UK, you might have heard the term “mortgage prisoner” being thrown a...
Read More

Life Cover Isn’t a Nice Option to Have - It's Essential

Life is unpredictable, and the thought of what would happen to your loved ones if you were no longer...
Read More

Why It Pays to Speak to a Mortgage Broker Six Months in Advance

When it comes to buying a property or remortgaging in the UK, most people don’t think about mortgag...
Read More

Top tips: How to Boost your Income

We’ve scoured the internet and swapped tips around the office to find simple (and sometimes a bit c...
Read More

Health Insurance Isn’t Just for Emergencies

When people think of private health insurance, they often imagine it’s only there for the big stuff...
Read More

How Homeowners Over 55 Can Fund Their Garden Retreats

Over the past few years, many homeowners have discovered the value of creating dedicated spaces in t...
Read More

Buildings & Contents Insurance Has Your Back

When disaster strikes, from a burst pipe, a kitchen fire, or a break-in, you need buildings and cont...
Read More

Understanding Protection vs Insurance: What’s the Difference?

You may have heard the terms “Protection” and “Insurance” (like critical illness insurance and l...
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