Katrina Croft is paying just £165 a month to live in a four-bed house in Surrey because of her low mortgage rate
Katrina Croft is paying just £165 a month to live in a four-bed house in Surrey because of her low mortgage ratepayments rise significantly since the Bank of England started to repeatedly increase interest rates from 2021 onwards, some lucky households – such as Katrina Croft and her husband – are still hanging on to rock-bottom rates.
She managed to lock in on a five-year fixed-rate deal at the end of April 2020 with an interest rate of just 1.49 per cent. For context, the average rate for a five-year fix on 7 November this year was 4.7 per cent, according to Rightmove. While she is expecting to be paying about three times as much come next year, she says the jump is “not going to cripple us” because she and her husband both earn well and the mortgage is interest-only.
Forecasting what mortgage rates will be at this point in the future is difficult, but brokers have consistently said that rates of below 2 per cent are unlikely to return in the medium term. Mr Fraser thinks the family will have “more wiggle room” to absorb the cost by the the time he renews as his young boys will be out of nursery.Life will be “a lot cheaper” by the time his children are in primary school, he said.
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