The lower mortgage rates that everyone was expecting this year are not here yet, so anyone coming to the end of a fixed deal faces a tough choice.
Some 732,000 deals will end in the second half of this year, about 153,000 this month, according to the Financial Conduct Authority, the City regulator. And many of those borrowers are in for a shock.
Anyone who fixed their rate five, three or even two years ago is likely to have had the pleasure of paying less than 2.5 per cent interest on their loan. For more than a decade, until 2022, rates were at rock bottom, with many deals at about 1 per cent.
Now, the lowest rate for someone remortgaging is a 4.36 per cent
