Financial guru Martin Lewis has explained if you should overpay your mortgage as rates continue to go up.
The mortgage market was thrown into turmoil last week, after the Mini-Budget saw more than 1,000 deals pulled - meaning less choice for borrowers. Analysts began to predict that the Bank of England could be forced to raise the base interest rate to six per cent next summer.
However, after the Chancellor announced a U-turn on axing the top tier 45% income tax rate for the most wealthy, that forecast fell slightly to 5.5%. But mortgage rates are still rising. One year ago, the cheapest fix was 0.89% - now the best deals are 4.82% for a two-year fix.
