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UK borrowers warned: the days of cheap mortgages are over
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The era of record low mortgage rates looks to be over, borrowers were warned this week, with the government’s independent forecasters predicting costs will rise rapidly over the next two years.
Inflation predictions from the Office for Budget Responsibility, (OBR) released alongside Wednesday’s budget, suggest that the cost of servicing a mortgage could grow by 5.6% next year and 13.1% the year after, as increases in the Bank of England base rate are passed on to borrowers.
According to financial firm AJ Bell, if the predictions are correct, someone who borrowed £250,000 on a two-year fixed-rate mortgage at 2.06% earlier this year could see their annual payments jump by £600 when they go to remortgage in 2023. Someone with £450,000 of
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