Watch: rates are up, so why did some fixes get cheaper? (under a minute)
Most of you told us your fix ends in 2027. So, when it ends, what's your plan? Tap your answer.
Stay with my lenderSwitch to a new lenderMake my term longerNot sure yetRates are up. So why did some fixes get cheaper? Confirmed
On Thursday 5 November the Bank of England raised Bank Rate from 3.75% to 4%, the first rise in over three years. Eight of the nine committee members voted for it. The ninth, Catherine Mann, wanted to go further, to 4.25%.
What it means for you depends on the type of mortgage you have.
| Your mortgage | What happens |
|---|---|
| Tracker | Goes up almost straight away. On a 25 year repayment mortgage, that's roughly £15 a month more for every £100,000 you owe. A bit more on a longer term or interest only. |
| Standard variable rate (SVR) | Likely to rise over the next few weeks. The average SVR is already 7.13%, according to Moneyfacts. |
| Fixed | No change until your deal ends. |
So why did Barclays, Halifax, Nationwide and Virgin Money all trim some fixed rates in the days before the rise? Fixed rates are priced on what the markets expect to happen next, not on Bank Rate today. Lenders saw this coming weeks ago and had already built it in. Skipton is cutting some of its fixes again from Monday.
That doesn't mean fixes are cheap. Moneyfacts puts the average two year fix at 5.97% and the average five year fix at 6.00%, both higher than in September.
The date that matters most is the day your fix ends. If you're staying with your current lender, a new rate can usually be sorted three or four months before. If you're moving to a new lender, you can start looking up to six months ahead.
Fixed rate ending in the next year?
Put in your balance, or just what you pay now. It shows what your new payment could be at today's rates.
Work out my new payment →Your bank could be paying you a quarter of what you could get Worth a look
Last week most of you told us your fixed rate ends in 2027. You're in big company. UK Finance says about 2.3 million fixed deals end by the end of next year.
While rates are up, it's worth checking your savings too. Big bank easy access accounts pay an average of just 1.16%, according to Moneyfacts. The best easy access deals pay over 4%, and some fixed bonds pay over 5%.
If your rainy day money is sitting with one of the big banks, it's worth comparing what else is out there. MoneySavingExpert's top savings accounts and the Moneyfacts best buys both list the current best rates. Before you move, check the new account is covered by the FSCS, which protects up to £120,000 per person, per banking group.
House prices are falling fastest in the South Confirmed
Lloyds (the index that used to be called Halifax) says the average UK home fell 0.6% in October to £296,285. Prices are now 1.2% lower than a year ago, the biggest yearly fall since October 2023.
| Who | What they say |
|---|---|
| Lloyds, October | Down 1.2% over the year. London down 3.1%, the South East and South West both down 2.4%, the North West up 2.2%. |
| Nationwide, October | Still a small rise, up 0.5% over the year. |
| Savills, forecast | Expects prices across London, the South East and the East to fall 3.5% in 2027. |
| Connells, forecast | Expects small rises. |
Four sources, four slightly different answers. The common thread is that the South is doing worse than the North.
If you're buying in the South East, you have more room to negotiate and less reason to rush. If you're selling, price realistically. And if you're remortgaging, a lower valuation could push you into a higher loan to value band, so it helps to have a rough idea of what your home is worth before you pick a deal.
Critical illness or income protection: which pays what, and when?
People mix these two up all the time. They do different jobs.
| Critical illness cover | Income protection | |
|---|---|---|
| What it pays | A one off, tax free lump sum | A monthly income, usually 50% to 70% of your earnings |
| When it pays | When you're diagnosed with one of the serious illnesses listed in the policy | When you can't work because of illness or injury, after a waiting period you choose |
| Good for | Clearing or cutting the mortgage | Keeping the bills paid month to month |
A lot of people have one and assume it covers everything. It doesn't. Plenty of reasons for time off work, like a bad back or stress, aren't on a critical illness list. And income protection won't hand you a lump sum to clear the mortgage.
If you're not sure what yours would actually pay, dig out the policy and check. Our income protection guide explains how it works in plain English.
That's the week. Next Saturday we'll share the results of this week's poll. If you know someone on a tracker or an SVR, send them this page.
General information only, not personal advice. Speak to a qualified adviser before making any decisions. Figures correct at the time of writing (7 November 2026) and may change quickly. The tracker example is illustrative only, based on a 0.25 percentage point rise on a 25 year capital and interest mortgage. Your own figures will differ. Mortgage rates are subject to lender criteria and can change. Protection policies have terms, conditions and exclusions, and what they pay depends on the policy. Your home may be repossessed if you do not keep up repayments on your mortgage.
Sources: Bank of England, Monetary Policy Summary, November 2026, Moneyfacts, Bank of England raises base rate to 4% (5 November 2026), MoneySavingExpert, base rate rise, Mortgage Solutions, Nationwide and Virgin Money cut fixed rates (3 November 2026), Mortgage Solutions, Skipton cuts rates (6 November 2026), Lloyds House Price Index, October 2026, Nationwide House Price Index, October 2026, Savills, housing market forecast, Mortgage Solutions, Connells forecast (2 November 2026), FSCS, check your money is protected.