skip to main content

Accessibility and Display Options

Choose accessibility and display settings
Text Preferences
Colour Schemes
Save Close

Cookies and Privacy

This site uses cookies to store information on your computer

Some of these cookies are necessary to make the site work. We’d also like to use optional cookies to help improve your experience on the site. You can manage your optional cookie preferences below. Using this tool will set a cookie on your device to remember your preferences. Your preferences can be changed at any time.

For further details, see our Cookie Policy and our Privacy Policy

I AcceptI Do Not Accept


Essential cookies enable core functionality such as page navigation and access to secure areas. The website cannot function properly without these cookies; they can only be disabled by changing your browser preferences. Third party functions such as Google Search and Analytics will not be enabled.


Performance settings enable you to use the Google Search engine on our website and help us to improve our website by collecting and reporting information on its usage (for example, which of our pages are most frequently visited).

Save and Close


You are here: Home / Housing

Home Owners - Could a future rise in Interest Rates affect you?

The Bank of England base rate has been at a long term low of 0.5% since 2009 and many home owners with a mortgage have benefited from the low interest rate charged on these loans.  However those working in the financial industry believe that the BofE rate will increase within the next 6 – 12 months, which could lead to monthly mortgage payments increasing.

This advice and information may help you to think about and prepare for an increase in the interest rates.

Is there anything you could do now to prepare for an increase in your mortgage?

While rates are low could you take the opportunity to overpay your mortgage?
Could you be saving money now to use when your monthly payments increase?
Could you review your current spending and identify any areas you could save money?
Could you get a better mortgage deal with your current lender or elsewhere?

What options will you have if you begin to struggle with your payments?

Talk to your lender – most lenders have options to help owners overcome difficulties with paying their mortgage, these options will depend on individual circumstances but could include:

Lengthening the term of your mortgage
Agreeing reduced payments in the short term
Agreeing a temporary 'payment holiday'
Re-financing the debt?

Other options that could help you:

If you are in receipt of certain welfare benefits such as Income Support to may qualify for some help with paying your mortgage.  Support for Mortgage Interest (SMI) makes a contribution toward the interest on eligible loans.

Some lenders operate an Assisted voluntary sale scheme – this can help you through the process of selling and you may get help with some of the costs of selling.

Seek free and independent advice from an organisation such as CAB who can help evaluate your income and outgoings, negotiate with your lender, and support you at court during repossession action.

Speak to the Housing Options team at Fareham Borough Council – we may be able to help with a short term loan or discuss your options should you have to sell or are repossessed.

Contact Details

Fareham Borough Council Housing Options Team, 01329 236100

Fareham CAB, 1st Floor County Library Building, Osborn Road, Fareham, 0300 4562987 External Hyperlink

Fareham Jobcentre Plus, Civic Way, Fareham 0345 6043719 External Hyperlink


Back to top of page Back to Top How to get here
Fareham Borough Council, Civic Offices, Civic Way, Hampshire, PO16 7AZ
Tel: +44 (0) 1329 236100 | Mobile Text/Photo: 07860 098627
RSS Feeds