The Times - An extra £1,000 a year on your mortgage as rates double
Interest rates on the cheapest mortgages have doubled in six months, costing the average homeowner more than £1,000 extra a year.
Last September, before inflation began spiralling and the Bank of England put up its base rate three times, you could find many mortgage deals at less than 1 per cent.
Aaron Strutt from the mortgage broker Trinity Financial told The Times that increases of up to 0.41 percentage points from Halifax, Britain’s largest mortgage lender would probably lead other banks to follow suit, “but a five-year fix is still very cheap — most people, especially older borrowers, do not think that paying less than 2 per cent is very much at all.”
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