Worried homeowners on fixed rate mortgages with early repayment charges are being offered a new online calculator tool to help them decide if it is worth paying eye-watering exit fees to get a new deal before yet more interest rate rises kick in.
Cost-of-living champion Nous.co has launched the free calculator nous.co/refix after the Bank of England base rate jumped by half a point to 1.75 per cent on Thursday.
With interest rates now rising at the fastest rate since 1995, and markets expecting them to double again over the next year, 6 million households on fixed rate mortgage deals secured when rates were low now face a ticking time bomb when they come to refinance.
