BoE's raises base rate for 7th time in a row

The Bank of England has raised its base rate for the 12th consecutive time, bringing it up to 4.5%.

The move has sparked concern among mortgage holders, but the impact on fixed rate mortgages is expected to be minimal.

According to HomeOwners Alliance, the market remains competitive, and new products are coming to the market.

The latest figures show that lenders' rates have continued to come down over the past month, even though they were aware of the Bank of England might raise interest rates further.

The average 5-year fixed mortgage rate is lower than the two-year fixed, which may encourage prospective borrowers to lock down their rate for longer.

However, fixed mortgage rates could be unpredictable in the months to come, so some borrowers may even sit on their revert rate waiting for cheaper deals to surface.

The consecutive base rate rises have pushed the average Standard Variable Rate (SVR) to its highest point since 2007, so there is still an incentive for borrowers to fix.