What the papers said about the end of cheap mortgages

There was one main talking point in this weekend’s financial press – the rumble of an approaching base rate rise. The Mirror and Mail on Sunday reported on the latest high street lenders to increase their fixed rates in anticipation of an upward movement as early as next month. Experts urged borrowers to take action, and secure a super-cheap deal while they are still available. Those with 3-6 months left to run on their existing deal can still secure a new rate in advance, so it is worthwhile shopping around the market and comparing what is available to what your existing lender will offer. The Sunday Times revealed that 2.6 million people have bought their first home since 2007, so will never have experienced an increase in rates and the impact this can have on household finances. Now is therefore not the time for complacency, warned brokers. The Times highlighted that Buy-to-Let rates are also on the up, which will come as bad news for investors already adapting to changes in tax rules, and a tightening up of criteria.