Mortgages: Fixed or Variable - What Should I Go For?
Borrowing rates are going up and deals are being pulled by mortgage lenders across the country. So if your fixed term mortgage is ending soon, what should you do?
It's a pretty scary time for anyone with a mortgage. And it's even scarier if your fixed term mortgage is about to come to an end. A typical two-year fixed mortgage deal now has an interest rate of more than 6% for the first time since December. That means some homeowners and landlords could be paying hundreds of pounds more every month. Mortgage lenders have been putting up rates and pulling deals at an alarming rate in recent weeks, leaving people with even fewer options.
So what's going on, and what should you do if you have a mortgage? Our Cost of Living Correspondent Colletta Smith explains what you need to know and whether it might be better to fix now or go variable.
Image credit: EPA, Neil Hall
