{"id":1327,"date":"2022-08-08T09:58:52","date_gmt":"2022-08-08T09:58:52","guid":{"rendered":"https:\/\/fomomortgages.com\/?p=1327"},"modified":"2022-08-08T09:58:53","modified_gmt":"2022-08-08T09:58:53","slug":"protect-your-home-from-base-interest-rate-increases","status":"publish","type":"post","link":"https:\/\/fomomortgages.com\/protect-your-home-from-base-interest-rate-increases\/","title":{"rendered":"Protect your home from base interest rate increases"},"content":{"rendered":"\n<p><em>Why fixed-term mortgages are the secret sauce and how to make the most of them<\/em><\/p>\n\n\n\n<p>The Bank of England has continually increased the UK\u2019s base interest rate!<\/p>\n\n\n\n<p>This increase is intended to tackle skyrocketing inflation and living costs.<\/p>\n\n\n\n<p>Unfortunately, as many lenders use this rate to calculate mortgage rates, any increase can have an immediate impact on your monthly payment!<\/p>\n\n\n\n<p> <\/p>\n\n\n\n<h2 class=\"has-fomo-purple-color has-text-color wp-block-heading\">Luckily, we have a clever solution.<\/h2>\n\n\n\n<p> <\/p>\n\n\n\n<p>The <a href=\"https:\/\/news.sky.com\/story\/cost-of-living-live-updates-why-you-should-not-drink-coffee-before-going-shopping-12615118?postid=4249865#liveblog-body\">Mortgage Advice Bureau<\/a> recommends that when interest rates rise in this way, you should \u201cseriously consider\u201d locking in a fixed-term deal.<\/p>\n\n\n\n<p>However, even if you already have one, don\u2019t rest on your laurels!&nbsp;<\/p>\n\n\n\n<p>More than half of these deals are set to expire by 2024.<\/p>\n\n\n\n<p>Read on to discover how a fixed-term mortgage could be the secret sauce to shelter yourself from market fluctuations and protect your home.<\/p>\n\n\n\n<p> <\/p>\n\n\n\n<h2 class=\"has-fomo-purple-color has-text-color wp-block-heading\">The mortgage superhero: Fixed-term to rescue!<\/h2>\n\n\n\n<p> <\/p>\n\n\n\n<p>Fixed-term mortgages can save you thousands long-term.<\/p>\n\n\n\n<p>While a variable rate mortgage is often cheaper initially, these rates vary with market conditions.&nbsp;<\/p>\n\n\n\n<p>This means that when the Bank of England base interest rate hikes, your bank account will feel every bump!<\/p>\n\n\n\n<p>Fixed-rate mortgages, on the other hand, shelter you from any increases by locking at their initial rate for the full length of your term.<\/p>\n\n\n\n<p>This is why if you are one of approximately two million UK homeowners with a variable mortgage, you may be better off switching!<\/p>\n\n\n\n<p> <\/p>\n\n\n\n<h2 class=\"has-fomo-purple-color has-text-color wp-block-heading\">I already have a fixed-term mortgage<\/h2>\n\n\n\n<p> <\/p>\n\n\n\n<p>Not so fast! <a href=\"https:\/\/news.sky.com\/story\/cost-of-living-live-updates-why-you-should-not-drink-coffee-before-going-shopping-12615118?postid=4249865#liveblog-body\">According to Brian Murphy,<\/a> head of lending at the Mortgage Advice Bureau, 50% of these deals will be gone by 2024.<\/p>\n\n\n\n<p>Falling from a protected fixed term rate to a more expensive variable rate can be a big shock!<\/p>\n\n\n\n<p>You will need to act quickly to keep yourself protected:<\/p>\n\n\n\n<p><strong><em>Speak to us<\/em><\/strong><\/p>\n\n\n\n<p>You may be able to lengthen your mortgage term to shelter yourself from interest rates for longer.&nbsp;<\/p>\n\n\n\n<p><strong><em>Overpay on your mortgage<\/em><\/strong><\/p>\n\n\n\n<p>This can help with payments long-term, and secure more equity in your home faster!<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"has-fomo-purple-color has-text-color wp-block-heading\">Book a call with us!<\/h2>\n\n\n\n<p>Independent advice from a trusted mortgage broker (*ahem* such as our expert FOMO team) will help you secure the best option for you!<\/p>\n\n\n\n<p>Book a call <a href=\"https:\/\/fomomortgages.com\/contact\/\" data-type=\"URL\" data-id=\"https:\/\/fomomortgages.com\/contact\/\">here<\/a> to speak to us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Discover whether remortgaging could be right for you, plus a clever extra option.<\/p>\n","protected":false},"author":6,"featured_media":1328,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[4],"tags":[8,15,14,9,11,16,13,12,10],"class_list":["post-1327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-resources","tag-charities","tag-counselling","tag-environmental","tag-ethical","tag-finances","tag-mentalhealth","tag-mortgagebroker","tag-mortgagerates","tag-savetheplanet"],"_links":{"self":[{"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/posts\/1327","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/comments?post=1327"}],"version-history":[{"count":0,"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/posts\/1327\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/media\/1328"}],"wp:attachment":[{"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/media?parent=1327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/categories?post=1327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fomomortgages.com\/wp-json\/wp\/v2\/tags?post=1327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}