How remortgaging can protect you from base rate rises

How remortgaging can protect you from base rate rises


Recent increases to the Bank of England base rate mean many homeowners are having to pay more for their mortgage each month. In the current climate it’s more important than ever to save on our outgoings so why don't you see if you can protect yourself from further increases to the base rate by remortgaging? But while cutting the cost of your mortgage may be your focus there are other reasons why you may want to remortgage too such as releasing equity from your home to pay for your dream home renovations. That's why we've put this article together to explain everything you need to know…


How does the base rate affect mortgage rates?

In terms of how it will affect your current mortgage, this will depend on what type of mortgage you have. If you’re on a tracker mortgage your monthly repayments will rise automatically if the base rate increases. While if you’re currently on a fixed rate deal you’ll only start paying a different amount when your deal ends. And if you’re on your lender’s standard variable rate, the rate you’ll pay can change at the lender’s discretion. This means that if the base rate increases, your lender can pass on the full increase, some of it, or none of it.


Remortgaging: How do I find the right deal?

With some experts predicting the base rate could rise to between 1.5% to 2% by the end of this year many people are choosing to remortgage now to lock in a fixed rate and protect themselves against potential future increases. So think about whether this could be right for you. It could be the perfect time to remortgage, especially if you’re coming to the end of your fixed deal, if you’re on a tracker mortgage or if you’re currently on the standard variable rate.

However if you want to remortgage it’s a good idea to move swiftly. One way to speed the process up is to speak to an expert mortgage adviser. Our team of expert advisers have access to 1000s of mortgages so they can find the right deal for you. So not only will you get the right mortgage for your needs, you’ll save time too. Just make sure to check if you need to pay any fees like an early repayment charge if you remortgage.


What are the benefits of remortgaging?

But while saving money is key there are lots of other reasons for remortgaging. That’s because when you remortgage you may be able to release some of the equity from your home. You could use this to pay for home renovations such as getting a home extension ready for the World Cup this winter or landscaping your garden to create the perfect outside space for the summer.

You can release equity for other reasons too such as to pay for a new car or a dream holiday. Perhaps you want to get away to make up for lost time after being stuck at home so much during the pandemic?

While you’ll be borrowing more on your mortgage if you’re planning to do this you may find that if you switch onto a better deal than you’re currently on when you remortgage, your payments won’t increase by as much as you had thought. Which means it could be much more affordable than you had considered. Plus creating a beautiful garden or adding an extension can add value to your house too.


Worried about base rate rises? We’re here to help

So if you’re interested in finding out more about your remortgage options our team of expert mortgage advisers are ready to answer all your questions and help you find the right mortgage. So contact us today!


You may have to repay an early repayment charge to your existing lender if you remortgage.

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is £495.



Call us on 01928 238 289

Arrange a call back

Find a Mortgage in Cheshire, Merseyside and the North West today

We’ve helped thousands of people across Cheshire and the UK just like you, but we know everyone is different. That’s why Alder Rose Mortgage Services aim to be helpful and caring, whatever your circumstances may be.

We search over 1,000 products to find the right mortgage or remortgage deal to suit your financial circumstances. The initial fact-finding call is free, this includes the mortgage calculator which will help tell you what you can borrow and most importantly what it will cost! We strive to be one of the most honest and transparent mortgage advisors in the UK.



- As a leading mortgage broker across Cheshire the UK, we have the market covered.

- Based in Frodsham, We’re know with the big names in mortgages. Not forgetting the little ones too. So we can make sure we get you the right mortgage deal.

- Dedicated brokers with expert knowledge and straight forward mortgage advice with a personal touch.


Honest advice

The mortgage process can at times be a test of patience and a lot of the ‘jargon’ can make it a whole lot more difficult than it needs to be. That’s why our mission is to be the best at what we do, for you. We’re here to offer you the most simplified advice we can and make getting a mortgage effortless.

You’re a person, not an application number, so why be treated like one? At Alder Rose, we can offer face-to-face, telephone, or even online appointments to anyone across the UK.

Because we play by the book we want to tell you that…

Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1%, but a typical fee is £495.

Need more help?

Contact us