Fixed-rate mortgage deals set to be "significantly higher"

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Fixed-rate mortgage deals set to be "significantly higher"

People will be "scrambling around" for fixed rate mortgage deals when interest rates rise as rates are set to become "significantly higher", says an industry expert.

Jacqueline Thornton, financial planner at Re-Financial Planning, believes that people are currently happy with their standard variable rate mortgage deals, but thinks this will all change when the Bank of England pushes the base rate up.

According to Ms Thornton, there will be a boom in people taking out fixed-rate mortgage deals and everyone will be trying to find the most competitive rates.

She says: "The fixed rates we are going to see then are going to be significantly higher than they are now."

Her comments come following news from Unbiased.co.uk that 27 per cent of home owners are on standard variable rate mortgage deals, which is nearly five million people.

As well as this, its research showed that 25 per cent of homeowners have no plans to find a different type of mortgage in place of their standard variable rate deal.

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