Bank rate vs. fixed rates and mortgage myths

We've seen the press, and we've heard the worries - will mortgage rates continue to rise with the Bank of England base rate?

This month the base rate jumped from 2.75% to 3% - the largest single rise in over 30 years - as the Bank attempts to help control rising inflation. 

You're probably aware of this year's dramatic jump in fixed rate mortgages - from the historical lows of recent years to the 5-5.5% we see today. So what happens next? This has massive implications for people needing to remortgage, or wanting to get a new mortgage in the next year.

And the media's approach to reporting rate trends, understandably aiming not to get too bogged down in jargon, tends to muddle a very important distinction.

The result is a big misunderstanding for borrowers. 

Recently we kicked off our Paramount "Blue Room Talk" series (in which we chat with experts about the property market) with Elliot Nathan, Senior Partner at John Charcol. We wanted to find out what's happening with mortgages from an expert, and we could see his frustration at how this issue is being reported.

In our conversation he clears up some really key things that we think everyone should know. So we put together a quick 3.5 min video - watch below: