iNews.co.uk - Will mortgage rates go down? When interest could fall as many Britons brace for soaring repayments
Household budgets are facing their harshest squeeze for years as interest rates soar at the same time inflation remains in double digits.
One of the biggest hikes is to mortgage rates which peaked last year, reaching nearly 7 per cent for a five-year fix. They have come down, but borrowers are still concerned about what will happen.
Aaron Strutt, product and communications director at Trinity Financial, told iNews.co.uk that an increasing number of clients are taking two-year fixes and trackers rather than five-year deals because they expect the cost of borrowing to reduce over the next year or so.
He added: “For the moment borrowers will have to take five-year fixes if they want the cheapest rates. If they take a two-year fix or tracker they will probably end up paying more, although they will have more freedom to swap deals if rates do come down.”
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