INTEREST RATES: SHOULD YOU FIX YOUR MORTGAGE NOW? – YAHOO! FINANCE

With interest rates expected to rise in the next few months, is it worth taking the hit of paying an early repayment charge and fixing your mortgage at a lower rate now? We’ve asked three mortgage experts on what they’re advising clients to do.

UK interest rates have been low for so long that it’s easy to assume that borrowing will always be cheap – but that’s starting to change. In August, the Bank of England increased rates to 1.75%, the sixth consecutive increase, and it’s widely expected that they will be increased again this Thursday, 22nd September, rising above 3% by the end of 2022 and 4.25% by August 2023. These increases leave those with a fixed rate mortgage due to end in the next year with a dilemma: should they stick with their current low rate and risk a jump in interest when this ends or fix now on a lower rate and forfeit the early repayment charge.

Read more: https://yhoo.it/3R2lE4n

Homeowners with fixed rate mortgages have a difficult decision ahead of them. Cartoon: Vector Illustration

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