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Martin Swann, Managing Director of Try Financial, said:
“Today’s rise to 4% won’t come as a shock. Lenders had been pricing it in for weeks, and average fixed rates were already at their highest level for three years. But that doesn’t make it any easier for the households affected.
“The people who’ll feel it straight away are those on tracker and standard variable rates. Their payments go up almost immediately. The bigger group to watch is the borrowers whose fixed deals end in the next six to twelve months. Many of them are coming off much lower rates than anything available today.
“My message to them is simple: don’t wait. Most lenders let you secure a new rate up to six months before your current deal ends. Speaking to a qualified adviser now could protect you from further rises. Markets are already expecting more next year.
“For buyers, this is a reason to plan carefully, not to panic. Get an agreement in principle, check what you can afford at today’s rates, and keep some headroom in the budget.”
