Money expert Martin Lewis advised anyone buying a home to "act now" as mortgage rates rise. The MoneySavingExpert founder said cheap mortgage deals may soon "disappear" because the UK base rate is the highest it’s been since 2009 after the Bank of England hiked interest to 1.25%.
And according to Martin it's highly likely that more hikes are coming. Those on a variable or tracker mortgage will soon see costs increase, while those on a fixed rate won't see any change until their current fix ends.
Three-quarters (75%) of the just under nine million residential mortgages outstanding are fixed rates, according to trade association UK Finance. But homeowners on variable deals tracking the base rate will see an impact, reports LancsLive.
