Buyers are paying up to 60% more on their monthly mortgage repayments compared to December 2021, according to research6 . The 6% barrier has now been breached for the average two-year fixed rate deal, according to Moneyfacts, leaving those who need to remortgage or buy a home facing the prospect of much higher monthly bills.

Mortgage experts are divided on when rates will fall as there are too many variables at play and caution homebuyers not to rely on any sharp declines in interest rates happening soon, as well as planning for the eventuality that mortgage rates may remain at relatively high levels for some time.

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6 Mortgage Strategy, 2023