Many home owners who are currently on a variable rate mortgage have made a dash for low cost fixed rate mortgage deals before the Bank of England has another opportunity to increase interest rates. Around 27,000 home owners have changed their lender in a bid to secure the best available deals and with the inflation rate at a 20 year high who can blame them? It would appear that home owners don’t wish to be ‘sitting ducks’ and will not be sitting idly by waiting for interest rates to rise. Instead are ‘dashing’ to secure the best available deals.
The British Bankers Association have said that fewer than 30,000 applications were approved for home buyers last month, compared to around 80,000 per month on average.
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