Given the Bank of England’s recent base interest rate hikes, and warnings of future increases to tackle inflation, the cost of borrowing to buy a home is also on the rise.
Mortgage holders coming to the end of their fixed rates of interest will soon be navigating higher rates with fewer loans on offer than when they were last in the market, particularly if they agreed their mortgage between March 2020 and December 2021 when the Bank of England’s base rate was at its all-time low of 0.1 per cent.
