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Residential Property

Base Rate Rise – what does this mean for your mortgage?

Thursday, June 22, 2023

The Bank of England have today announced a further increase in the Base Rate to 5%. This may have an effect on many existing mortgages and products currently being offered by lenders.

Those with tracker or variable mortgage products will see their monthly payments increase as a result of this rise and those looking to re-mortgage or purchase a new property may find that the mortgage products available to them are now more expensive.

If you are looking to re-mortgage or purchase a new property and require any legal advice, please contact us to discuss your needs and obtain a quotation. We act for first time buyers, home movers, investors, and downsizers. Please get in touch today on 0191 255 0255 or email

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Important notice

We have been informed that emails have been sent misusing the name of Samuel Phillips Law.

The emails were sent from the domain The emails ask the recipients to transfer funds in relation to conveyancing matters to a bank account which is not associated with Samuel Phillips Law, the genuine firm.

Any business or transactions through the domain ‘’ is not undertaken by an individual or firm of solicitors authorised and regulated by the SRA.

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