HOMEOWNERS face more mortgage misery as interest rates soared over 6% for the first time this year. The average interest rate on a five-year fixed rate mortgage ticked up from 5.97% to 6.01% overni…
They face far higher rates than when they last fixed when interest rates were at historic lows.
He said: "Although two-year rates rose the fastest, five-year deals have not been far behind although still remain available at lower rates than their shorter term counterparts. While Paul Welch, chief executive of London-based LargeMortgageLoans.com, said that we could "realistically see some fixed rates reach 7% before the summer is out".
If you're coming to the end of a fix, he added that it could be worth looking at a product transfer, rather than just remortgaging. New help for struggling homeowner has been introduced after fears that the latest rate movements could push millions into falling behind on repayments, or lose their homes.Under the charter, lenders will allow customers who are up to date with their payments to switch to interest-only payments for six months, or extend their mortgage term to reduce their monthly payments.
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