Bank of England raises interest rates: What does this mean for mortgages?

Mortgage rates rise to the highest rate since 2009

The Bank of England has raised interest rates from 0.5% to 0.75%, the highest rate since 2009. The base rate is set by the Bank of England and is used by banks to calculate interest rates, although it is not compulsory to follow it.

Although this is not a huge increase, this is just another expense for home owners who have already had to take on hikes in council tax and energy prices.

What does a rise in interest rates mean for mortgages?

The rise in interest rates will immediately affect over three and a half million mortgages where monthly repayments are likely to rise. This is if these mortgage deals are on a tracker or variable rate.

Royal Bank of Scotland, Natwest and Ulster Bank have all put up their variable mortgage rates with immediate effect. Barclays have said they will up their rates on 1st September 2018.

How can you avoid a rise in your mortgage payments?

If you’re on a fixed rate mortgage currently then there is no need to panic. Your mortgage payments should remain the same until the end of your contract term.

If you are on a tracker or variable rate and your mortgage payments have risen then you may be able to move to a fixed deal. Check your mortgage deal though to see if there will be a fee to do so.

What are your next steps?

If you’re confused about any of this, or just want to look at a great fixed deal for yourself, why not talk to our mortgage broker? There’s no fee to chat and we can compare the whole of the market to find one of the best deals for you. Call 0115 9243304 or use the form below to leave us a message.

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A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.




Nottingham Mortgage Calculator

Nottingham Mortgage Calculator: How you could potentially save £400 with our mortgage broker

You could end up paying up to £400 extra on your mortgage every year. This is if you do not compare the whole of the mortgage market, according to Mortgage Strategy.

So, how could this happen? If you go direct to your bank or take advice from brokers who are not whole of market then you may end up paying more. Whole of market means the mortgage broker can look at almost every lender available.

The Financial Conduct Authority (FCA) have published a report. This analyses mortgage broker panels that contain a limited amount of lenders. Their findings reveal that these smaller panels can lead to recommendations from lenders with more expensive products.

The FCA have released a statement. “Based on our data analysis, we found that intermediary firms use a small number of lenders recommend more expensive products on average compared to intermediary firms who use a great number. The price difference could be around £400 for the first year of the incentivised period of the median loan amount.”

How you could potentially save £400 on your mortgage

Walton & Allen are pleased to be able to compare the whole of the market, where our panel includes almost every available lender. This means we are always looking to find you one of the best deals possible, based on your financial circumstances.

You can visit our Nottingham mortgage calculator page to find out how much you could potentially borrow.

To talk to a mortgage broker today you can call 0115 9243304 or use the form below to request an appointment. Mortgage and Protection advice is provided through our association with Premier Mortgage Services (Nottingham) Ltd. By submitting your details through this mortgage calculator you accept that we will pass your information to them. We will never share your details without your permission.

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Our mortgage brokers will provide advice either at our offices or at your own home. They also have an office in Stapleford too. Moreover, they will always attempt to book appointments at a time to suit you.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

Walton and Allen Financial Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered Office: 3 Derby Road, Ripley, Derbyshire, United Kingdom, DE5 3EA. Registered Company Number: 10063471 Registered in England & Wales.

We have sourced this information from Mortgage Stratergy

Nottingham Mortgages

Nottingham mortgages and mortgage services

Finding the right Nottingham mortgages can be very stressful and time-consuming, especially when doing it with little experience. In this day and age you can find a lot of information on comparison websites which may help you, but lenders pay to get their products featured, and these comparison sites don’t cover all the deals that are available in the marketplace. Some of the best ones are only available through intermediaries and you may miss out on the deal that is right for you.

Without some good advice and help, you could find yourself making hundreds of enquiries, but still not feeling confident you’ve found the right deal for your financial circumstances. Figures state that these days over 70% of buyers are choosing to seek out independent financial advice. Feedback also suggests that people want to work with a mortgage adviser because they value the personal service they receive.

Need a mortgage broker? Find out how we can help you with initial free, independent mortgage advice.

Helping you make the right choices every time

Wherever you are on the housing ladder, if you’re looking for your next mortgage, you’ll naturally have choices, lots of them; but would you know which is the best option for you? Should you opt for a tracker mortgage or go for a fixed-rate deal? If you want to fix your rate, what are your options? Are mortgage deals that offer ‘extras’ worthwhile? Do they represent good value for money? Can I get a buy-to-let mortgage? Making the wrong choice about your mortgage could mean that you end up paying hundreds, even thousands of pounds more than you need to.

Your mortgage questions answered

By talking to us, rather than trawling hundreds of websites and spending hours putting in applications to a range of lenders, not only will you save yourself stress and time, you’ll be able to tap into a wealth of good advice that can help ensure you make a success of your property purchase.

Mortgage advisers, such as ourselves, undergo professional training and know an awful lot of useful stuff, not only about the mortgage market, but about the whole home-buying and selling process. We can also offer tips on everything from drawing up a budget for your move, to getting the right type of survey done, to choosing a solicitor or conveyancer.

The key to offering a great service? We offer independent advice, and are on your side. We’ll be able to help you every step of the way, offering advice on making sure your finances are in order before you put your application in, and helping you put in place the right type of insurance policies to protect your mortgage and your home.

Making your application

Although all lenders operate broadly the same lending criteria, the way in which we interpret the rules will differ. We can ensure that your application is made in the right way and to the right standard for that lender. We will handle all the paperwork, and keep you up-to-date with how your application is progressing. If you’d like help with your mortgage, then do get in touch.

Your next steps

Talk to us today about how we can help you with any Nottingham mortgages. We offer free initial advice, either over the phone, in person at our office or at your own home. Talk to us using the form below, or by calling 0115 9243304.

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

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What price house can I afford to buy?

Are you currently a tenant living in rented accommodation? Do you dream of owning your own house?

There are some who rent a property who do so because they feel they cannot afford to buy their own home. In reality though, you could buy a house and it may cost you less than you think.

I’m a mortgage broker here at Walton & Allen Estate Agents and I can find a mortgage deal for almost anyone, no matter their financial circumstances. You may feel you cannot get a mortgage – Maybe you have a low income or your credit score may not be the best? You’d be surprised though at what we can find for you!

What price house can I afford to buy?

On average, a mortgage lender will offer you around 4.5 times your salary. Often extras like regular overtime can also be included.

Many other factors can impact how much money a lender will provide, including loans, car payments and credit card bills, etc.

The deposit

You’ll also need a sum of money to put towards a house you buy as a deposit. This is usually a minimum of 5% of the total price of the house, but the more you put in the less you are likely to have to pay every month. Your deposit can come from savings or a family gift.

Other costs

You need to be aware of other costs when you look to buy a house. You will need money for solicitors who legally have to arrange the purchase and sort contracts. You may also have to pay stamp duty which is a government tax. If you choose to use a mortgage broker such as myself, there may also be a fee involved, although this will always be discussed with you first before you apply for the mortgage.

How can you find out if you can afford to buy?

The quickest and easiest solution is to talk to a mortgage expert. A chat with me to discuss your requirements at our Estate Agent branches, or at your home, is free of charge. You can fill in the form below for me to call or email you at any time. We can then have a quick chat over the phone, at your home, or in our office in Nottingham.

What government schemes are available to help?

Have a look at our other blog post on affording your own home to find out what schemes are available such as ‘Help to Buy’.


A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.


Mortgage rates are due to rise

According  to The Guardian, mortgage interest rates are due to rise very soon. Rates have been at an all time low of 0.25% but an increase could be just around the corner.

The Bank of England last week issued the warning after voting to freeze borrowing costs for the time being, whilst making clear this wouldn’t be the case for much longer.

How much will it cost you?

A rise in interest rates could mean the average household bill will increase considerably. The exact amount would vary depending on when the mortgage length, terms and whether it is a fixed or variable rate. As an example, a mortgage of £200,000 with a 25 year term would cost a family over £300 per year if rates were to rise by 0.25%. A rise of 1% could see a huge increase of over £1,200 a year in additional payments!

What can you do prevent this?

David Blake (Which? Mortgage Advisers) has said said that borrowers need to plan ahead to prevent having to pay out larger amounts on their mortgage every month. If you’re on a variable rate mortgage deal, now would be the best time to look at a fixed rate instead.  “I would urge anyone who finds themselves on a variable rate to speak to an independent mortgage broker to find out their options”.

A fixed rate mortgage means that your interest rate is locked for the length of the term. This could be for 2 years, 5 years or even 10 years. Should interest rates rise during this time you would not have to pay anything more during this period.

Walton & Allen estate agents offer a free advice service with our independent mortgage adviser. We compare the whole of market to find one of the best deals available for you. Enter your details below to receive a callback or email.

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Remember, a mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

Considering selling your home?

If you’re looking at changing your mortgage you may also be considering moving home. We also offer free valuations to find out how much your property is worth. Fill in your details below to see how much you could potentially sell your house in Nottingham for.

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Mortgage rates at an all time low

According to the Daily Mail, official figures state mortgage rates have hit the lowest on record.

Experts explained this could be due to the collapse of the buy-to-let market after tax hikes on second properties and this could have made lenders desperate for new business.

Lowest mortgage rates

If you didn’t know already, mortgage rates have launched which are now below 1%. This has had a knock on effect on average rates, with popular two-year fixed-rate deals down now to just 1.26%.

This particular example would work for anyone with a 40% deposit and would see monthly repayments on a £150,000 mortgage drop, saving around £400 per year.

If you don’t have a 40% deposit then this wouldn’t be the deal for you, however other deals which are applicable should also have seen a fall in rates.

Looking at your own mortgage deal

This is obviously a great time for both first time buyers and for those who have been on the same mortgage deal for a while. According to The Mail, experts say now is the perfect time to look for the best deal, especially those who have been on a 3-6% rate. You’re effectively ‘throwing your money down the drain’.

Independent mortgage broker, Paul, says ‘now is possibly the best time to look as we have never seen rates as good as this. Even if you can’t get the absolute cheapest deal, using a broker such as myself will help to find the best one specific to your financial situation. It’s possibly a once in a life time opportunity!’.

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A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up with repayments on your mortgage. Think carefully before securing a debt against your home.

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