The Bank of England’s decision to raise the base rate by 0.25% will mean more costly mortgages for many.
This is the second rate rise in seven weeks, as the Bank acts to lower inflation.
For those on tracker mortgages, it will mean their bills will go up straight away and for those on their lender’s standard variable rate, the rise will be on its way soon.
My advice to them is to get on to a fixed-rate mortgage as soon as they are able.
As anyone who has read any of my previous posts will know, I am a big fan of fixed-rate mortgages. They enable house buyers to know in advance what their mortgage bill is going to be for the next two, three, five, 10 years or even longer. And they ride out any increases or falls in mortgage rates in the meantime.
Those on a fixed-rate deal at the moment will be sheltered from this latest mortgage rate increase.
If you are on a tracker rate or your lender’s variable rate, I do believe that it is still a good time to switch to a fixed-rate deal as soon as you can, whether that is straight away or when your current mortgage deal comes to an end.

I doubt we have seen the end of fluctuations in mortgage rates and, if the cost of living and inflation continue to go up, another rate rise might not be far off. Fixing a set rate for the coming few years could well protect you from rising bills further down the road.
For a free, no-obligation discussion on any mortgage or insurance-related issue, please give me a call on 01723 384558 or 07767 692 653 or email me at mgrayshan@googlemail.com