On 5 November 2026, the Bank of England raised Bank Rate from 3.75% to 4%, marking the first rise since August 2023. For anyone planning a purchase, approaching the end of a fixed deal or considering their next move, the announcement raises an understandable question. What does this mean for my mortgage?
The answer depends on your circumstances. That is why choosing the right mortgage broker matters. A useful adviser should help you understand the options available to you, explain their costs and limitations, and recommend a mortgage that fits your plans.
A rise in Bank Rate does not affect every borrower in the same way.
If you already have a fixed-rate mortgage, the interest rate on that deal will normally stay unchanged until the fixed period ends. Borrowers with a tracker linked to Bank Rate will generally see their rate change according to the terms of their mortgage. Standard variable rates are set by individual lenders, so changes depend on the lender’s decision.
If you’re taking out a new mortgage, fixed mortgage pricing reflects expectations about future interest rates and lenders’ funding costs. Check the terms of your current deal and compare the options available to you before making a change.
November’s decision follows a period of pressure on mortgage pricing.
According to Moneyfacts, the average two-year fixed mortgage rate rose from 5.59% at the beginning of September to 5.97% at the start of November. The average five-year fixed rate increased from 5.63% to 6.00% over the same period.
These market averages show how quickly an earlier quote or comparison can become dated. Individual lenders have also moved rates in different directions. A good broker should explain what is available for your deposit, income and property, and check whether an advertised rate would apply to your application.
A mortgage that suits one buyer may be unsuitable for another, even when they are purchasing similarly priced properties.
A first-time buyer with a small deposit will have different considerations from a homeowner selling their current property and moving with substantial equity. Self-employed applicants, people with variable earnings and borrowers with recent changes in employment may also benefit from an adviser who understands how different lenders assess those circumstances.
When speaking to a mortgage broker, mention your existing financial commitments, any expected changes in income and what you would like your next few years to look like. This gives the adviser a clearer picture of how a mortgage would fit your long-term plans.
For example, some lenders will consider applications for ex-council flats if the property meets their criteria. An experienced broker can help identify suitable lenders before you apply. This can help you avoid unnecessary applications and the hard credit checks they may involve.
Some mortgage advisers work with a particular lender, while others consider a panel or a broader selection across the market. Even a service described as whole of market may exclude deals available only by applying directly to a lender.
Ask the broker to explain the scope of their service in plain English. Which lenders do they consider? Are any types of mortgage excluded? Will they explain if an option falls outside the products they can arrange?
The FCA’s disclosure requirements cover how firms describe their mortgage range and the service they provide. Ask for that information before you commit.
Product fees, broker charges and other costs can change which mortgage works out cheapest. If a fee is added to the mortgage, interest may be charged on it too. Existing borrowers should also check whether leaving their current deal would trigger an early repayment charge.
Ask for a comparison over a consistent period, using the same borrowing amount and mortgage term. This helps you see how fees and monthly payments affect the overall cost.
Your broker should also explain when their own fee becomes payable, how it is calculated and whether they receive payment from the lender. Get that information in writing.
Before appointing a broker, ask how they will support you once an application has been submitted.
Who will be your main contact? How will you receive updates? What happens if the lender requests more documents, the purchase takes longer than expected or the mortgage offer approaches its expiry date?
You can also ask whether they review available products before completion and what costs or conditions would apply if you wanted to change deals.
Before sharing financial information, use the FCA’s guidance on checking a financial firm to confirm its status and relevant permissions.
Where the broker operates as an appointed representative, check the relationship with its principal firm. Use the contact details shown through the FCA’s official checking services to help avoid dealing with an impersonator.
A recommendation from a friend or another professional can be a useful introduction. It’s still worth carrying out your own checks.
If you are looking at properties for sale in South East London, understanding your borrowing position early can help you focus your search.
Alongside the mortgage, consider the other costs of ownership. For a leasehold flat, for example, ask about service charges, ground rent where applicable and anticipated major works. Share those details with your adviser so you can build a fuller picture of your housing budget.
If your next purchase depends on selling an existing home, you can request a property valuation to help discuss your likely equity and moving budget with your broker. An estate agent’s market appraisal is separate from any valuation required by your mortgage lender.
At Alex & Matteo, we help buyers explore neighbourhoods including Bermondsey, Rotherhithe, Canada Water, Surrey Quays, Deptford, New Cross and Peckham.
November’s rate change is a reason to review your position carefully. Choose a broker who explains the options clearly, understands your circumstances and gives you time to make an informed decision.
For help with your property search or plans to sell, speak to the Alex & Matteo team. We’ve worked with mortgage brokers for many years and would be happy to put you in touch with one.
This article provides general information. For a personal mortgage recommendation, seek advice from an appropriately authorised mortgage adviser. Your home may be repossessed if you do not keep up repayments on your mortgage.
