Have mortgage rates gone up?!

[Scarlett]

My mortgage has gone out today and it has risen by £80 since last month!! I haven't had any paperwork from them regarding this, but they write to my old address so I don't know what's going on. Have mortgage rates gone up again without me realising?!!

[factor-fiction]

The Bank of England base rate hasn't changed (it's been at the same level for 2-3 years now) but lenders can choose to vary their rates up or down whenever they feel the need to do so, and a few lenders did announce a few months ago that they would increasing their variable rates slightly. You can always look to shop around for a better deal (but beware of exit fees) or you can threaten to leave and ask your present lender for a better deal.

[SC00BY]

Surely one of the first things to do is change your address.. So you get any relavent info regarding your mortgage?

[Old_Geezer]

Did you reach the end of the first period of a low interest start mortgage ?

[kjn2]

£80 more indicates to me that in some way your mortgage terms have changed i.e. come to an end of a deal rather that a change in the interest rates or this sum covers some insurance or something separate from the mortgage, As said best to inform of your correct address asap too, then next time something happens wont come as such a surprise.

[Scarlett]

The Mortgage Works decided to raise their interest rate from 2.99 to 3.99%. So that explains that, and I am now looking to go elsewhere! How foolish they are.

[sfby]

Good luck in re-mortgaging - not that easy at the moment.