Bank of England Base Rate Increase

Bank of England increases base rate

See how your mortgage could be affected.

What has changed

On Wednesday 3rd August 2023, the Bank of England increased their base rate by 0.25%, going from 5% to 5.25%

Fixed Rate Mortgage Changes

If you are on a fixed-rate mortgage, you do not need to worry. Nothing will change.

Your interest rate and monthly payments will remain the same, until your fixed-term deal has come to an end.

Tracker Mortgage Changes

Tracker mortgage rates will increase with this new announcement. Your lender will tell you your new rate and monthly payment.

They will also let you know when you will start paying your new rate.

Further Information

If you would like to find out more about the rate increase, and how it could affect you, speak to one of our advisers today.

Equity released from your home will be secured against it. Equity release will reduce the value of your estate and may effect your entitlement to means-tested benefits. Equity release is available from the age of 55. Your home may be repossessed if you do not keep up with the mortgage repayments

Caitlin Duffy

Independent Senior Mortgage, Protection, & Equity Release Adviser

Tel – 01928 761001

Email – caitlin@dolphinfinancialltd.co.uk