IS NOW A GOOD TIME TO REMORTGAGE? – TIMES MONEY MENTOR

With mortgage rates rising quickly, should you secure a fix now?

If you’re thinking about remortgaging and are worried about rising interest rates, now might be a good time to secure a deal.

Mortgages surged in the wake of the mini-budget as markets and banks panicked over unplanned government borrowing. While products have returned to the market, the average interest rate has jumped to a 14-year high and you can now expect to pay more than 6% for a mortgage fixed for two years.

However, mortgage rates have dipped slightly over the last couple of weeks, with markets beginning to stabilise following the appointment of a new prime minister and chancellor.

But with the Bank of England upping the base interest rate eight times since December 2021, and likely to keep doing so, securing a mortgage deal now might still be the best option.

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