Bank of England base rate increase and the direct impact on mortgages
The Bank of England has increased the base rate to 0.25%, since the onset of the coronavirus in March 2020 the rate has been sustained at a record low at 0.10%. The Bank of England is next due to review the base rate on the 3rd February 2022.
The rate has a direct influence and impact on rates, especially those that are on standard variable rates or tracker rates. If you are on a fixed deal, you won’t be affected by higher interest rates until your deal expires.
If your current mortgage deal is expiring within the next 6 months, you can look to secure your mortgage product now, before your fixed rate product ends.
