trufe logo
Free Mortgage Review

Now Could Be The Ideal Time To Review Your Mortgage

Mortgages are becoming more expensive and while those with fixed rates can feel relieved, the simple truth is that as inflation rises and continues to go up, everyone with a mortgage will eventually be affected. A record £328 billion worth of fixed-rate mortgages will come to an end this year, leaving those homeowners facing big rises in their repayments. Those on variable rates will already have seen an increase in their monthly mortgage costs1.

The Bank of England has just increased its base rate to 1% and, according to no lesser figure than the Chancellor of the Exchequer, the base rate could rise to 2.5 per cent by the end of the year2.

The impact on mortgage repayments

If you have a tracker mortgage or are on a standard variable rate (SVR), your repayments will reflect the increase in your lender’s base interest rate, which tends to follow any increase in the Bank of England’s base rate. A 0.25% percentage point rise in rates would translate into approximately an additional £26 per month mortgage payment on average for a tracker rate customer and £16 for the typical borrower on SVR, depending on the amount borrowed3.

The immediate good news is that if your mortgage is on a fixed rate, your monthly repayments will be unaffected for as long as your fixed term lasts, however once the fixed rate comes to an end, going back onto your lender’s variable rate may provide considerable payment shock if the Chancellor’s prediction is realised.

Act now to avoid an unwelcome surprise

Because of the uncertainties in the financial markets and the wider international economy, further rate increases cannot be ruled out and whatever your mortgage type, we strongly recommend you look at the terms of your mortgage and contact your mortgage adviser before taking any further action.

It is likely that you will be contacted by your current lender offering advice, or other intermediaries too. As your trusted advisers, we would recommend speaking to us first, we will assess your current circumstances and search across the whole of the market for the most suitable deals that are most applicable to your individual mortgage and protection needs.


1 – Nixon, G. (2022) Mortgage rates are heading up and here’s what you should do. Available at: (Accessed 24th May 2022)

2 – Adams, G. (2022) Sunak expects interest rates to hit 2.5%. Available at: (Accessed 24th May 2022)

3 – Cornes, C. (2021) How the Bank Rate Affects Mortgage Rates. Available at: (Accessed 24th May 2022)

Understand Your Credit Score
Five Tips To Help You Sell Your Home
Three Things You Can Do to Protect Everything That Matters
Practical Tips to Help Reduce Your Monthly Outgoings

Get the lowest rates available to you with trufe.

Let us source rates from the high street, across the internet or from specialist lenders who only work with brokers!

Arrange a Free Mortgage Review Today!

We remove the hassle, give accurate and impartial advice and ultimately make sure you have the right mortgage for your situation.
As featured in the Sunday Telegraph
sunday telegraph
mortgage broker of the year finalist 2021
mortgage broker of the year banner finalist-yfa 2022
trufe. is a trading name of Green FS Ltd (FRN 833558) which is an appointed representative of HL Partnership Limited, who are authorised and regulated by The Financial Conduct Authority..

The Financial Conduct Authority does not regulate commercial lending, secured or unsecured loans and some forms of Buy to Lets. Equity release includes Lifetime Mortgages and Home Reversion Schemes. We can advise and arrange Lifetime Mortgages and will refer to an approved specialist for Home Reversion schemes.

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

Green FS Ltd is registered in England and Wales with company number 11605501. Registered office address is trufe. Empire House, Lewisham Road, Slaithwaite, West Yorkshire, Hd7 5AL.

The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.