Mortgage borrowers may be disappointed next week when members of the Bank of England's Monetary Policy Committee cast their votes on the future of the interest rate .
Financial analysts seem less confident now that the interest rate will be reduced before the end of the year.
The money market rates upon which fixed rates are based have been moving up recently, not only in the UK but also internationally, says Abbey 's director of mortgages , Gary Hockey-Morley.
This trend has prompted many mortgage lenders to put their fixed mortgage rates up recently.
"Whilst it may be too late for borrowers to take advantage of the cheapest fixed rates this year, it is still a good option for those borrowers that like the certainty of knowing what their mortgage payments will be each month," Mr Hockey-Morley says.
He urges those hoping to find a remortgage to start shopping around for a new mortgage some time before their mortgage period ends.
Because mortgage rates and fees vary significantly between mortgage lenders, Mr Hockey-Morley believes shopping around for a deal that suits the needs of individual mortgage holders is "crucial".
He warned those looking to find a remortgage to act quickly. Mortgage holders could pay up to £148 a month too much if they stay with their mortgage lender's standard variable rate rather than switching to a better remortgage deal , Abbey says.
Interest rate decision could leave mortgage holders in a fix
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Interest rate decision could leave mortgage holders in a fix
Wed, 02 Nov 2005
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