Mortgage rates are set to rise in the coming days, experts say, as homeowners are warned to lock in deals now.
Higher inflation projections and geopolitical tensions have led to more pessimistic forecasts for the Bank of England (BoE) interest rate, which currently sits at 3.75 per cent.
Swap rates – which are based on long-term forecasts for the BoE’s rate and have a heavy influence on mortgage costs – have started to climb, and experts say mortgage rates will follow.
Some banks have already begun rate hikes, with the Co-Operative Bank announcing that all fixed rates will increase from this weekend, with Virgin Money also upping some rates by up to 0.3 percentage points.
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