Warning over 'dangerous' mortgage mistake that homeowners need to avoid
manchestereveningnews.co.ukMillions of homeowners are set to see their mortgage repayments soar once again as rates have now hit a 15-year high, passing the levels seen in the aftermath of last autumn’s mini-budget.
The average two-year fixed-rate mortgage rate on the market reached 6.66% on Tuesday (July 12), up from 6.63% on Monday, Moneyfactscompare.co.uk said.
The last time two-year fixed rates were this high was in August 2008. Many mortgage holders are now baring the brunt of unaffordable repayments after the Bank of England chose to raise interest rates 13 consecutive times in a bid to lower inflation. Try MEN Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features. As part of an 'emergency' programme, Martin Lewis returned to screens on Tuesday night (July 11) to host a 'mortgage special' of The Martin Lewis Money Show Live, which saw him address viewer's concerns over the mortgage crisis.
Ahead of the ITV show airing, the Money Saving Expert founder made an appearance on Good Morning Britain amid the news that mortgage rates were now at a new high. Sign up to our free weekly property newsletter by clicking here Good Morning Britain host Ed Balls asked Martin what people should do if they are unsure about what to do with their mortgage.
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