The Bank of England's decision to maintain interest rates at 4% has intensified the divide in the UK mortgage market. While some borrowers are benefitting from falling fixed rates, others — particularly those on tracker deals or nearing the end of fixed terms — face significant payment increases.
Despite the rate hold announced on 6 November, major lenders have responded by slashing fixed mortgage rates. This has provided unexpected relief to new borrowers and those remortgaging, but millions on tracker deals or approaching the end of their fixed terms are experiencing a different reality.
