The news broke at midday today that the Bank of England have decided to increase the Base Rate from 0.25% to 0.5%. Although this is the first rise for 10 years, this base rate rise is only slight and in terms of mortgages, it will only affect mortgagees who have their mortgage on rate that tracks the Base Rate.

If a mortgage is on a fixed rate, the Base Rate rise will not affect the applicant during the fixed period.