The i - My two-year mortgage is running out and I could pay even more than in 2024

In the summer of 2024, William Dobinson bought a one-bedroom flat in Croydon, south London.

In some ways, he was unfortunate with the timing, as the purchase coincided with a mini-spike in mortgage rates, driven by the Bank of England (BoE) taking longer than expected to hike rates.

Aaron Strutt, product director at Trinity Financial, told The i: “Lots of homeowners have been thinking there were going to be some cheap deals for them to take, but unfortunately, it hasn’t worked out that way. Most people did not expect another war or that something that would have such a big effect on mortgage rates.”

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The information contained within was correct at the time of publication but is subject to change.

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