Long-term fixes and evolution of mortgage market ‘long overdue’
Mortgage brokers have told FTAdviser that while now is not the right time for borrowers to explore long-term fixes, the evolution of the market in this direction is “long overdue”. With the Bank of England base rate now sitting at 5 per cent, mortgage borrowers at the end of their fixed-term deals are now faced with significantly higher monthly repayments than when they first entered into them. The situation is so dire that the government this week announced a mortgage charter, signed by 30 lenders, to help support mortgage borrowers. The pressure...