Unless your mortgage is already fixed for the long term, this week’s interest rate rise, following hot on the heels of December’s, is likely to have given you cause for concern. About 2 million borrowers are on variable rate deals of some kind, and many have already seen an increase in their repayments following the last base-rate rise. Thousands more are on fixed-rate deals that come to an end over the next few months.
With other living costs rising, remortgaging might be a good bet. Some people will be able to save more than £200 a month, or in excess of £2,000 a year, just by making a fairly simple switch.
