If the average two-year rate rises above 6.65% it will be the highest since 2008, according to financial information service Moneyfacts.
monthly changeThe information you provided on your monthly payments would not be sufficient to pay off your mortgage within the number of years given.
The expectation of further increases has pushed up the cost of funding mortgages, and so lenders have been increasing the rates they charge customers. Around 2.4 million fixed-rate mortgages are due to end between now and the end of 2024, according to figures from banking trade association UK Finance.Aaron Strutt, from mortgage broker Trinity Financial, said that the uncertainty of the situation made it difficult for lenders to price mortgages. A rush of people trying to secure deals at lower rates had meant the money allocated by some providers to lend in mortgages was drained.
The recent rises in mortgage costs are also likely to have a knock-on effect on renters who could face higher payments as landlords seek to recoup the rising cost of higher mortgages. Squeezed landlords may decide to sell properties, which could lead to fewer homes available to rent, according to the National Residential Landlords Association.
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