Today’s 0.25% increase in the base rate – the first rise for a decade – exposes those people who still have their mortgage on what is called the Standard Variable Rate (SVR).

And by the look of it that’s almost half of all people who have mortgages! So it’s time for them to act quickly.

The SVR is the rate mortgage holders will be on with their lender if they haven’t signed up to one of the fixed rate deals, which are usually cheaper.

People with some time left on say a two-year or five-year fixed rate deal, won’t see any increase because of today’s 0.25% increase.

But those on the SVR with their lender will see an increase straight away, with early indications suggesting it could be up to £15 a month more on a £125,000 mortgage.

If you are on the SVR then it’s time to switch quickly as the rates on even the best fixed rate mortgage deals are likely to go up soon. Even so, it is worth finding a good fixed rate as there are predictions that today’s increase in the base rate won’t be the last and more will follow.

It never ceases to amaze me that 46% of this country’s 8.1m households with a mortgage (some 3.7m people) are on the SVR or on a tracker rate, which moves with the bank rate.

This despite the fact that an average SVR has been 4.5% and you have been able to get a two-year fixed rate mortgage for 1.09% – a saving of £3,000 a year on a £150,000 loan!

Isn’t that just money down the drain?

I source mortgages from the whole of the market, so can see up to the minute, the best deals available for you. At the moment it is changing all the time!

If you’d like to talk through your mortgage options, give me a call on 01723 384558 or 07767 692653 so that we arrange a meeting and set the ball in motion towards getting you the best possible deal for the future.