Are Mortgage Rates Going Up? What the November Rate Rise Means for You

On 5 November 2026 the Bank of England raised Bank Rate by 0.25% to 4%. It was the first increase since August 2023, and the Bank warned that inflation could reach around 5% by the middle of next year. Many forecasters expect at least one more rise in early 2027, although the Bank has said future decisions will depend on the data. Its next decision is due on 17 December 2026.

So are mortgage rates going up? For some borrowers they already have. For others, the effect depends on the type of mortgage you have and when your current deal ends. This guide explains what has changed and what you can do about it.

Why mortgage rates are going up

The Bank raised rates because inflation has picked up again, driven largely by higher energy prices linked to the conflict in the Middle East. A higher Bank Rate makes borrowing more expensive across the economy.

Fixed mortgage rates are not set directly by Bank Rate. Lenders price fixed deals using swap rates, which reflect where markets expect interest rates to go over the next few years. Because markets expected the November rise, many lenders repriced their fixed deals in the weeks before the announcement, and some have withdrawn products at short notice since. Deals are being changed more often than usual, so a rate you see today may not be there next week.

If you are on a tracker mortgage

Tracker rates follow Bank Rate, usually at a set margin above it. If you are on a tracker, your rate will typically have risen by 0.25%, taking effect from a date set out in your mortgage terms. Your lender should write to you confirming your new monthly payment.

If you are on your lender's standard variable rate

Standard variable rates (SVRs) are set by each lender and often rise when Bank Rate rises. If your fixed or tracker deal has ended and you have moved onto your lender's SVR, you are likely to be paying more than you need to. It is worth reviewing your options now rather than waiting.

If you are on a fixed rate

Your monthly payment will not change until your fixed rate ends. The question is what happens next. If your deal ends in the next six months or so, you may be able to secure a new rate now and protect yourself against further rises. Our guide on whether you can remortgage early explains how locking in a rate works, and if your fix ends next year, see fixed mortgage ending in 2027.

What you can do now

• Check when your current deal ends. It will be on your mortgage offer or your annual statement.

• Look at your options up to six months ahead. Many lenders let you secure a new deal around six months before your current one ends, either by switching to a new product with your existing lender or by remortgaging to a new lender.

• Compare the full cost, not just the rate. Arrangement fees, valuation and legal costs all affect which deal is genuinely cheaper. Our guide to product transfers versus remortgaging explains how to compare.

• Think about how long to fix for. A longer fix gives certainty over your payments; a shorter fix or tracker gives flexibility if rates fall later. There is no right answer for everyone, and it depends on your plans and budget.

• Keep reviewing. If you have secured a rate and a better one becomes available before your new deal starts, it may be possible to switch.

Buying a home while rates are rising

If you are buying, higher rates can reduce how much lenders will let you borrow, because affordability is assessed on the monthly cost. See how much you can borrow. Getting an agreement in principle early, and knowing how long a mortgage offer is valid for, can help you plan your purchase.

How PMS Mortgages can help

We are a whole-of-market mortgage broker, so we compare deals from across the market rather than one bank's range. Our mortgage advice is fee-free, and your first consultation is free and with no obligation. If your deal ends soon, or you are on a tracker or SVR and want to understand your options, get in touch and we will review your position.

Source: Bank of England Monetary Policy Summary, November 2026.

Information in this article was checked in November 2026 and can change at any time. All lending is subject to the lender's affordability assessment, credit checks and property valuation.

Your home may be repossessed if you do not keep up repayments on your mortgage.