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Is it Time to Review your Mortgage

With UK interest rates rising in recent months, the impact on mortgage rates is already being felt across the country as short term and fixed rates increase.1 According to Moneyfacts, the average cost of two-year fixed rate mortgage has risen for the past eight months to 3.25%2.

However, research from UK Finance reports that 74 per cent of homeowner mortgages are already on a fixed rate contract, with 96 per cent of new borrowers choosing this option since 2019. Therefore, a sizeable majority of borrowers will see no immediate increase in their monthly repayments3.

Fixed rate mortgages will remain at the same interest rate until the term ends, however if you have a variable or tracker rate then it is likely you will have already seen an increase in your monthly repayments.

Approximately 850,000 mortgage borrowers have a tracker rate mortgage currently according to UK Finance. The recently announced 0.25% increase to 1.25% in Bank Base Rate means that on a tracker currently at 2.25%, the interest rate would rise to 2.5%, adding £18 a month to a £150,000 mortgage arranged over 20 years2.

We urge you to make an appointment to review your mortgage with us to ensure that your current deal fits your exact circumstances at this moment in time. Regardless of what type of mortgage you have, there has never been a better time to make sure you are in the best position to weather the current economic uncertainty.


  1. Romei, V. (2022) UK Mortgage rates rise at highest rate in a decade. Available at: (Accessed 26th Jul 2022)

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Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

These figures are only illustrative. An assessment of your needs will be confirmed before a recommendation can be made. A Key Facts Illustration, which is personal to your circumstances, will be provided if a recommendation for a mortgage product is made