Thursday's front page: £7,000 mortgage hike after record interest rate rises TomorrowsPapersToday Latest by: CallumCMason:
They now face paying thousands more when compared to December 2021, when the base rate was at a low of 0.1 per cent.shows that if you have bought a £300,000 property with a 10 per cent deposit of £30,000 on a 25-year mortgage term, those on variables at the predicted 4.5 per cent rate will have seen their repayments of £911.33 a month increase by £589.22 or £7,070.64 a year when compared to December 2021 if a rise is announced today.
Those on fixed deals – where the interest rate stays the same for the duration of the deal – will see nothing immediately change but will face a significant increase in repayments if their deal is close to ending. Those on fixed-rate tariffs will not be affected by any changes to their contract until it comes to an end when they must chooseThey face a tricky choice as those who fix risk rates going down again, leaving them paying higher monthly payments for longer. However, if they choose a tracker and rates continue to rise, they will be paying more expensive costs until rates come down.
David Hollingworth of brokers L&C said: “Those that are still enjoying a low fixed rate will be looking ahead to what the future may hold. If inflation doesn’t ease back further as was anticipated then we may see further base rate rises becoming necessary. “Fixed rates have generally stabilised but if further rises look necessary then we could see some upward pressure on fixed rates feed through. Nonetheless, rates are significantly better than post mini-Budget and many will still like to take the shelter of a fix with so much uncertainty.”that customers coming off fixed-rate deals on to variables could be as much as halving their rate by switching to cheaper fixes.
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