The Bank of England decision to hold interest rates was welcomed by many including The Council of Mortgage Lenders.
Figures from the council of mortgage lenders estimate that around 1.3 million borrowers in 2005 took out fixed rate mortgage deals and a further 1.5 million in 2006.
The majority of these mortgage borrowers will see around 0.75% to 1.5% increases in their mortgage payments.
It is expected that most borrowers will be able to absorb these increases as many people’s earnings will have risen during this period.
If you are one of these people on a fixed rate deal it is recommended that you look for a new deal to avoid being placed on your lenders standard variable rate. There are still some excellent fixed rate mortgage deals available.
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