The Bank of England have increased the base rate to 4.5%, the highest it has been since October 2008. But what does this mean for your mortgage? 
 
If you are on a fixed rate, your payment will stay the same. However, if your fixed rate is due to come to an end between now and the end of the year, start thinking about remortgaging now.  
 
You can secure an interest rate at today’s rates so if interest rates go up, your rate is secured and it will not effect you.  
 
If interest rates go down, you can also benefit as we will swap you on to the lower rate and no additional cost or underwriting. Either way, you have peace of mind knowing your rate is secured. 
 
If you are on a base rate tracker your mortgage payment will increase. This is the twelfth consecutive increase so if you have had a tracker rate since the middle of last year, you will have seen continuous uplifts in your mortgage outgoings. If you are worried about further increases, speak to us as there may be options to fix your rate without incurring any early repayment charges with the lender. 
 
If you are on the lenders standard variable rate this will be likely to increase. If you are on the SVR but you are unsure what to do with your mortgage, you are possibly looking to move so don’t want to tie yourself in, you may be wanting to see what interest rates do over the coming months before making a decision contact us.  
 
There are options to pay a lower interest rate than the lenders SVR without the tie in of early repayment charges. 
 
Ultimately, if you are worried about your mortgage payments, reach out to us. We have over 30 years experience of dealing with the highs and lows of the mortgage market. Our advisers understand how worrying the current cost of living crisis is affecting households and conducting a free, full financial review will put a strategy in place to help manage your household finances. 
 
Want to know more, send us your details below and we'll call you straight back. 
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Head Office address; 109 Maldon Road, Colchester, Essex CO3 3AX (Administration Centre only) 
 
Your home may be repossessed if you do not keep up repayments on your mortgage. 
 
We normally charge a Professional Client Fee for mortgage advice. The amount will depend on your circumstances. A typical fee would be £500. The actual Professional Fee may be more or less than this, and is subject to a full Fact Find discussion and research process. H D Consultants is a trading name of Howard Reuben who are an Appointed Representative of PRIMIS Mortgage Network, a trading name of Personal Touch Financial Services Ltd. Personal Touch Financial Services Ltd is authorised and regulated by the Financial Conduct Authority.. Registered Office: Preston House, 163 High Street, Crowthorne, Berkshire, RG45 7AF. Registered in England & Wales. Company Registration Number 4952586. This site is for UK Consumers only. Website Terms and Conditions click here for our Privacy Policy. GDPR Privacy Policy - click here (PDF download / view) This site contains third party links. By clicking these links you will depart from the H D Consultants' regulated site. H D Consultants nor PRIMIS Mortgage Network is responsible for the accuracy of the information contained within the linked site. The Financial Conduct Authority does not regulate some of the services listed. H D Consultants, mortgage and life insurance advisers, is authorised by the FCA no 403701. Our in house Wills and Trusts Practice is a long standing Member of the Society of Will Writers and Estate Planning Practitioners.  
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