The Times - Mortgage rates are heading up: here’s what you should do
The Times reports a record £328 billion worth of fixed-rate mortgages will come to an end this year, leaving homeowners facing big rises in their repayments.
Aaron Strutt from the mortgage broker Trinity Financial, told The Times: “Borrowers will be even more concerned about rates going up when they see the chancellor’s comments. Many have signed up for large mortgages to get the properties they want, often taking on debt of 5.5 times their salary at a time when rates were at rock bottom.
He added: “Lots of people are worried about rates going up so they have been locking into longer-term fixes. If you are looking for payment security there are some great deals. Barclays has a 2.26 per cent seven-year fix that is cheaper than the bank’s five-year fix.
“If you are reasonably sure you will stay in your property for the foreseeable future then it makes sense to lock into a longer-term fix, but make sure you understand how much it will cost to get out of the loan.”
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