Buyers are paying up to 60% more on their monthly mortgage repayments compared to December 2021, according to research. [1]
The 6% barrier has now been breached for the average two-year fixed-rate deal, according to Moneyfacts, leaving those who need to remortgage or buy a home facing the prospect of much higher monthly bills.
Mortgage experts are divided on when rates will fall, as there are too many variables at play. Caution homebuyers not to rely on any sharp declines in interest rates happening soon, as well as planning for the eventuality that mortgage rates may remain at relatively high levels for some time. Worried about your mortgage repayments? Get in touch.
[1] Mortgage Strategy, 2023
🚨 Data accurate as of the date of publication – 08.08.2023
🚨Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.
Source: Quilter Financial Planning – Essentially Mortgages Q3 2023
