Homeowners coming off their fixed deal may be able to save thousands by overpaying their mortgage as much as they can now before being put on a higher fixed interest rate.
much the only tool the bank has to bring those prices down. but if you ve got a mortgage or you re looking for one it s clearly a worrying time. i.a million people on tracker and variable rate deals will see an almost immediate increase in their monthly payments. and this week the average two yearfixed mortgage deal has gone above 6%. how much more you pay per month, as a result of this, depends on how much you re borrowing and how long you ve got left to pay your mortgage. as an example if you ve got £250,000 left to pay and 25 years remaining, you d be looking at paying around £a00 more per month. 0ur correspondent marc ashdown has been to meet three people facing a big rise in their housing costs. rebecca from greater manchester, craig in cambridgeshire, and rose who lives in hampshire. just three homeowners out of hundreds of thousands of people facing a huge rise in their mortgage costs over the coming months.
hearing from the boston coastguard that a search is under way we will bring any further details as we get them. irate bring any further details as we get them. ~ , them. we relieve it there, but there is so much them. we relieve it there, but there is so much to them. we relieve it there, but there is so much to learn them. we relieve it there, but there is so much to learn on them. we relieve it there, but there is so much to learn on this - them. we relieve it there, but there is so much to learn on this story. i is so much to learn on this story. we know the submersible has gone missing but we do not know the depth, how many people are on board. or how long it was there under before contact was lost. lots to find out through the course of the next couple of hours. stay with us, for regular updates on that. you are watching bbc news. let s look at other stories because at typical two year fixed other stories because at typical two yearfixed mortgage deal other stories because
crewmembers as opposed to tourists. that is my reading of it because there is no reference to any tourists within the statement. they are talking about trying to make contact with the submersible and retrieve crewmembers using several government agencies to re establish contact with submersibles but there is more details on the bbc website, we are monitoring that story because fragments of new details coming in all the time, we will keep their eyes on that and bring any additional information as we get it. this is bbc news. let s look at some other stories making headlines here in the uk. a typical two year fixed mortgage deal in the uk now has an interest rate of more than 6% for the first time since december. mortgage lenders have been putting up mortgage lenders have been putting up rates and pulling deals in recent
it s stoked concern that the bank of england will have to continue to raise interest rates for longer to try to reduce inflation. our business correspondent, marc ashdown, is here. nationwide is among lots of mortgage lenders who are putting their rates up. for new borrowers and those looking to re mortgage, the average deal on the market for a two year fixed rate mortgage is now 5.35%. for a longerfive year deal it s 5.02%. that s bad news for anyone looking for a mortgage deal, like self employed blacksmith ian in dorset. it looks as though our repayments are going to be an additional £400 £500 each month. this is particularly unwelcome news after a very difficult winter, with food, fuel price increases. the main driving factor here is the inflation rate. that s how fast prices are rising.