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Write off up to 75% with help from Government Legislation

Write off up to 75%
with help from
Government Legislation

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Mortgage borrowers have seen the average interest level on a fixed-rate product continue to increase in recent weeks.

According to a report from Moneyfacts, the typical two-year fixed-rate mortgage deal now on the market charges 7.02 per cent, while a five-year equivalent has an average rate of around 6.82 per cent.

The figures reflect rises seen recently in the loan swap rates and the increased costs to lenders but they could cause added headaches to homeowners with debt problems.

Indeed, Moneyfacts has suggested that many families will face a serious debt management struggle when they remortgage from one fixed-rate mortgage deal to another in the current climate.

"These are continuingly worrying times for anyone coming to the end of their current mortgage deal," a statement from Moneyfacts read.

Earlier this month, the research firm Defaqto reported that personal loans are becoming more expensive for British borrowers.

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