Experts at moneysupermarket.com suggest that those mortgage borrowers who fail to secure a fixed-rate deal quickly could face increased financial pressures over the coming weeks and months.
“Borrowers needing the stability of a fixed-rate product should reserve their next deal now if their current mortgage term is set to end soon,” said Louise Cuming, head of mortgages at moneysupermarket.com.
“While fixed rates have been looking pretty good in relation to the base rate, they appear to be going up – and fast.”
The price comparison firm also notes that mortgage borrowers can reserve a fixed-rate arrangement for a period of six months before their current deal expires.
Including mortgage arrears, the average adult’s debt management burden in the UK totals more than £28,000, according to the most recent figures from Credit Action.