fixed rate mortgage rates and base rate relation?

pamelab21

Hi
I am currently in a fixed rate until next end June 2023 at 1.94%, ERC over 2k.
I am trying to work out the relation of base rate to potential fixed rates on mortgages, is it often double the base rate, so if base rate goes up 0.25% then fixed rates could go up around 0.5%? 
I was hoping to rearranged my deal 6 months before its due to expire, so end Dec before I can do that, but trying to work out different scenarios should the base rate go up 4 x 0.25% between now and then can that 1% rise in total potentially mean a 2% increase in fixed rate deals?

propertyhunter

They are estimating the base rate to be around 2.5% towards the end of the year. Then the best mortgage deals have usually been 1.0-1.5% more on top. However, you can't predict anything, but understand you need to scenario plan. Lot of us are doing it. 

pamelab21

Thanks, had someone tell me today that fixed rate deals will be x2 of the base rate but I thought that was a bit much and didn't like to argue.

SusieT

pamelab21 said:

Thanks, had someone tell me today that fixed rate deals will be x2 of the base rate but I thought that was a bit much and didn't like to argue.

If it helps, both mine only increase by the same amount the base rate has risen by, and among people I know there is nobody saying theirs has doubled the base rise.  Looking at the current 2 year fixed rates that are around 3.5% they are not going to be double the expected interest rate at the time as it would need to go down to do that!