Homeowners face more agony as the average two-year fixed mortgage rate hit 6 per cent today, writes deandunham Here's what it means for you:
Rachel Johnson says Tory's 'biggest crisis' to tackle is increasing mortgage rates
Unfortunately predicting the mortgage market is nigh on impossible in the current climate, as no one knows if rates will continue to rise or not. Your decision will be to either enter into a new fixed-term mortgage or move to a variable mortgage – where your payments will fluctuate with interest rates.There is no generic answer to this question as it really depends on your specific circumstances.
Ultimately, whether you are currently on a fixed or variable deal, you need to look at the market and compare rates that are available.
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