On 5 November 2026 the Bank of England raised Bank Rate by 0.25 percentage points to 4%. It is the first increase in more than three years. If you are buying, remortgaging or sitting on a deal in Fareham, Whiteley, Locks Heath, Portchester, Gosport or elsewhere in Hampshire, here is what that decision actually means for you.
I’m Charles Calvert, a mortgage broker at Easy Mortgages. This is general information, not personal advice. Always check the figures against your own mortgage before you change anything.
Bank Rate is not your mortgage rate
Bank Rate (often called the base rate) is the interest rate the Bank of England sets for the wider banking system. It is not the rate printed on your mortgage offer. It does, though, influence what lenders charge on new borrowing and what they pay on savings.
The Monetary Policy Committee voted to move Bank Rate from 3.75% to 4%. Eight members supported the quarter-point rise; one preferred a larger step. The Bank says higher energy costs have pushed inflation up. CPI inflation was 3.5% in the year to September 2026, and the Bank expects it to rise further — towards about 5% by mid-2027 — as energy costs feed through. Governor Andrew Bailey said today’s increase should not be read as the start of an inevitable long sequence of hikes, but neither does it look likely to be the last if the energy shock continues. The next scheduled decision is due on 17 December 2026.
What it means if you are on a fixed rate
Your monthly payment does not change until your current deal ends. That is the point of a fix. The Bank Rate news still matters for the deals you will see when you remortgage or do a product transfer later.
If your fix ends in the next three to six months, start comparing now. Many lenders let you secure a new rate months ahead, and you can often switch to a cheaper option later if one appears before you complete. I explain the product transfer versus remortgage choice in this guide.
What it means if you are on a tracker or variable rate
Tracker mortgages usually move when Bank Rate moves. A 0.25 percentage point rise is often around £15 a month extra per £100,000 of mortgage debt, though the exact change depends on your balance and remaining term. Independent household guides around this announcement have also used rough examples nearer £30 a month for a typical loan — treat those as illustrations, not your quote.
Standard variable rates (SVRs) do not have to move overnight, but many lenders pass on some or all of a Bank Rate change. SVRs are often far dearer than the best fixed or tracker deals. If you have rolled onto an SVR after a fix ended, check whether a product transfer with your current lender, or a remortgage elsewhere, would reduce the cost.
Why new fixed deals may already look different
New fixed mortgage rates are priced mainly against swap rates — the market’s view of where interest rates are heading — not against Bank Rate day by day. Lenders had already been adjusting products ahead of this meeting. Average new-deal figures reported in early November put typical two-year fixes near the high 5%s and five-year fixes around 6%. Those averages move often, so always ask for a live quote rather than relying on a headline number you saw yesterday.
Markets can also reverse if traders decide they priced in more future hikes than the Bank will deliver. That is why “wait and see” is risky if your deal is about to end, and why locking a rate with the option to switch later can be useful.
Practical next steps in Hampshire
- Find your deal end date and mark six months and three months before it.
- Confirm your rate type — fixed, tracker or SVR each reacts differently.
- Compare total cost, not only the headline rate: fees, cashback, early repayment charges and how long you plan to stay.
- Do not sit on an expensive SVR by default. Even if affordability feels tight, your existing lender may still offer a product transfer.
- Buyers: stress-test the budget with a repayment calculator, then add stamp duty, legal fees and a buffer. My calculators and Fareham first-time buyer costs guide help you list the moving parts.
Fees if you want me to help
Your first chat and advice come with no fee and no obligation. A fee is only payable once you receive your full mortgage offer:
- Remortgage: £299
- Purchase: £495
- Specialist / adverse: £895
- Product transfers and protection: no fee from me
Full details are on the mortgages fees section.
Talk it through
If the latest base rate decision has left you unsure whether to fix, track, remortgage or stay put, book a no-fee call and we will go through your numbers together. You can contact me here, message me on WhatsApp, or use the booking link on the site. I am based in Fareham and help clients across Hampshire.
FAQ
Will my fixed mortgage go up because Bank Rate rose?
No. A fixed rate stays the same until the deal ends. The rise affects new deals and many variable products instead.
Is Bank Rate the same as my mortgage rate?
No. Bank Rate is the Bank of England’s policy rate. Your mortgage rate is set by your lender. Trackers usually follow Bank Rate; fixed deals do not move mid-term.
Should I remortgage before the December meeting?
It depends how soon your current deal ends and what you can secure now. Many people lock a rate early and keep the option to change if a better deal appears. That is worth discussing with a broker who can see the whole market.
Where can I read the official decision?
The Bank of England publishes the latest Bank Rate decision on its interest rates page. Figures and forecasts change — always check current lender offers before you apply.
Primary source: Bank of England Bank Rate decision published 5 November 2026 (raised by 0.25 percentage points to 4%). Supporting household impact context from independent consumer reporting the same day. Averages for new fixed deals move frequently and are not a personal quote.