THE BOE NOVEMBER STATEMENT

Should You Review Your Mortgage Now? Advice from a Mortgage Broker in London

In a surprising move, the Bank of England’s Monetary Policy Committee (MPC) voted to keep interest rates at 0.75% in its recent meeting — despite growing calls for a cut. This decision marked the first split vote since 2018, with two of the nine committee members pushing for a rate reduction.

As a mortgage broker in London, we understand how uncertain economic news like this can impact homeowners, buyers, and investors. In this post, we’ll break down what the Bank of England’s decision means, how it affects mortgage holders, and why reviewing your mortgage now could be a smart move.

📊 What’s Behind the Interest Rate Hold?

The UK’s cost of living inflation rate remained at 1.7% in September, below the government's 2% target. With inflation sitting comfortably under control, the Bank of England feels little pressure to increase interest rates.

The Bank stated:

“Monetary policy could respond in either direction to changes in the economic outlook… The Committee will, among other factors, monitor closely the responses of companies and households to Brexit developments as well as the prospects for a recovery in global growth.”

In short: interest rates could go up or down, depending on how the UK economy reacts to post-Brexit conditions and global trade trends.

💡 What Does This Mean for Your Mortgage?

As a leading London mortgage broker, we’re already hearing questions like:

• Should I remortgage now?
• Will rates go down in 2025?
• Is it better to fix or track?

While no one can predict the future of interest rates with 100% accuracy, now is a good time to review your mortgage, especially if you’re on a variable or standard variable rate (SVR).

⚖️ Fixed vs Tracker Mortgages: What’s Best Right Now?

Here’s a simple breakdown:

✅ Fixed-Rate Mortgage

• Your interest stays the same for a set period (2, 3, 5 years, etc.)
• Good if you want certainty over monthly payments
• Useful in uncertain markets

✅ Tracker Mortgage

• Follows the Bank of England base rate, plus a small margin
• Could benefit if interest rates fall
• Offers short-term flexibility, but less predictable

If you're currently on a variable mortgage and interest rates were to rise suddenly, your monthly payments could jump — sometimes by hundreds of pounds. For many homeowners, locking into a fixed rate now can provide peace of mind.

🏡 London Property Market: Still Active, Still Competitive

Despite market uncertainty, London remains one of the most in-demand property markets in the UK. First-time buyers, landlords, and home movers are still active, and many are securing competitive mortgage deals while rates remain historically low.

🤝 How a Mortgage Broker in London Can Help

As an experienced mortgage broker in London, we work with a wide range of lenders — from major high-street banks to specialist lenders. We help clients:

• Compare the best mortgage deals
• Understand the impact of rate changes
• Secure mortgages for complex cases (e.g., self-employed, contractors, low deposits)

We also provide a free mortgage review to check if your current deal is still the best fit.

📌 Key Takeaways

• Interest rates remain at 0.75%, but could move up or down depending on the economy.
• Inflation is currently low, meaning no immediate pressure to raise rates.
• If you’re on a variable rate, now is a smart time to review your mortgage.
• Fixed rates offer security, while tracker mortgages may benefit if rates drop.
• Working with a trusted mortgage broker in London ensures you get the right advice for your personal situation.

❓ FAQs: Interest Rates and Your Mortgage

Q: Should I fix my mortgage now?
If you want payment stability and are concerned about possible rate rises, a fixed-rate mortgage may be a smart move.

Q: What if I’m self-employed?
Brokers can help match you with lenders that are more flexible with income types, especially if you run your own business.

Q: How much can I borrow?
This depends on your income, credit score, outgoings, and the lender's criteria. A mortgage broker can quickly calculate this for you.

🗨️ Get Personal Advice from a Trusted Mortgage Broker in London

Whether you're buying your first home, switching deals, or investing in property, our team is here to help you navigate your options. Book a free consultation with a local London mortgage broker today.

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