Which? comments as Bank of England keeps base rate at 0.5%

David Blake, Principal Mortgage Adviser, Which? Mortgage Advisers said:

“The base rate may have remained firm, but rock-bottom mortgage rates are slowly becoming a thing of the past. In anticipation of further rate rises, lenders across the market have already started to preemptively increase their mortgage rates, much to the frustration of many homeowners.

“While those on variable rates may have had a stay of execution today, mortgage holders should act quickly and consider locking into long-term fixed rates to protect themselves against further rate rises.

“Of most concern are the estimated one in three homeowners that are currently sitting on their standard variable rate. These rates are already higher than most homeowners need to be paying and any future interest rate rises will hit these people hardest. While some people are unable to remortgage from their SVR, those that can should remortgage now.

“Borrowers concerned about the impact a rate rise will cause on their finances should speak to their lender and an independent mortgage broker as quickly as possible.”

“The message is clear, act quickly and fix your mortgage.”