The Bank of England announced another 0.25% rise to 4.25% yesterday.
Firstly, don’t panic.
Fixed Rates
If you have a fixed rate your payments will remain the same until the rate expires.
Tracker Rates
If you have a Tracker mortgage your payments will increase.
Discounted rates
This depends on your lenders variable rate and they will announce if this will change.
Don’t re-mortgage without considering all the costs.
Mortgage rates shot up in October last year but have come down since the new year.
- Make a note in your diary 6 months before it is due.
- A Whole of Market Broker will be able to advise on whether your existing lender offers better deals than WOM.
- You can secure a mortgage rate up to 6 months before your rate expires and switch if rates come down further.