UK Finance projects that approximately 510,000 tracker mortgage holders will immediately face a £30.72 average monthly payment increase, alongside probable hikes for 470,000 standard variable rate borrowers. More than 7.3 million residential loans remain locked into fixed deals, yet those rolling off older, lower-rate agreements could see repayments jump by hundreds of pounds a month. Despite these pressures, anticipated market shifts have permitted some lenders to offer select rates below 5% for applicants with at least 40% equity. Savers might see account yields improve, though fixed savings bonds are unlikely to rise significantly due to prior market pricing.
Key points
Over 7.3 million households are shielded from instant payment increases because their mor…: Over 7.3 million households are shielded from instant payment increases because their mortgages are on fixed-rate terms.
Lenders including Barclays, Halifax, and Nationwide have cut select fixed mortgage offeri…: Lenders including Barclays, Halifax, and Nationwide have cut select fixed mortgage offerings below 5% for buyers with substantial deposits.
A 0.25% base rate hike is unlikely to substantially elevate fixed-rate savings accounts b…: A 0.25% base rate hike is unlikely to substantially elevate fixed-rate savings accounts because earlier market expectations had already factored it in.
Sources checked by our analysis pipeline: 1
Will my mortgage get more expensive?
For the vast majority of borrowers the answer is no: more than 7.3m (87%) of Britain’s almost 8.5m existing residential mortgages are on a fixed rate. That means their monthly repayments will stay the same until their current deal ends. But for some, this period of calm won’t last long: if an existing deal is finishing soon, consumers could well face a payment shock.
The base rate hike will immediately translate into higher borrowing costs for the 510,000 homeowners with a base-rate tracker mortgage. The rate they pay will rise in line with the Bank’s increase.
The banking body UK Finance says a typical tracker mortgage customer (with an outstanding balance of £147,000) will see monthly payments rise by £30.72 as a result of Thursday’s decision.
Most, if not all, of the 470,000 borrowers on their lender’s standard variable rate (SVR) will probably pay more, too, though they may not find out immediately. Although it is likely that lenders will increase their SVRs by the full amount, they don’t have to change them. A…
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