Interest rates rise to 1.75%, but fixed rates will protect borrowers

In this quick read article, we take a look at the recent Bank of England Interest Rate Rise and the likely impact it will have on borrowers

In its August meeting, the Bank of England increased its base rate to 1.75%. Its sixth consecutive rise and its highest single rise in 27 years.
Many borrowers are protected from any immediate payment increase by fixed mortgage rates. 94% of new mortgages in Q1 2022 (gross advances) were on fixed rates.
And 84% of all existing outstanding mortgage lending was on a fixed rate by the end of Q1 2022.
This is quite different from 10 years ago when only 57% of new lending and 32% of existing lending were fixed rates.
For new borrowers, lending is getting more expensive. The average 5-year fixed rate in June was 2.9% for those with a 25% deposit and 3.5% for those with a 5% deposit according to the Bank of England.
Source: Dataloft, FCA

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