Richard Pike, sales and marketing director at Phoebus Software, says “Looking at the figures from the Bank of England today it appears that the mortgage market is entering a period of flux. Inflation is already weighing heavy and, for many people, ensuring that bills are paid is of the greatest importance. This of course does mean that some people, that may have been thinking of moving, have put the brakes on for now.
“The fact that borrowing on credit cards is at its highest level since February 2020 perhaps shows that some people may already be turning to alternative credit. Although there is always the opportunity to remortgage, those on shorter-term fixed rates, with deals coming to an end, are more than likely going to find that any new deal will be at a higher rate than they have been used to. So the questions are, when should you fix and for how long?