Two-year fixed mortgage rates could hit seven per cent as the Bank of England seeks to tame runaway inflation, a financial expert warned on Thursday, as new data showed they surged further to 6.19 per cent.
Luke Hickmore, investment director of fixed income at abrdn, also stressed that many people will be forced to renew their mortgages in the autumn having taken them out two years ago during the Covid pandemic when stamp duty was reduced, often at a rate of around two per cent.
