Mortgage Carnage - Rates hovering around 6%

No one wants their mortgage to be up for renewal right now...

With all of the turmoil in the UK markets, banks have been pulling mortgages left, right and centre.

For those banks that have reintroduced mortgages, the rates are more than double what they were before the recent economic upset. This is crazy.

Two year fixed rates are hovering just under 6%. So for those folk who have to renew deals right now might find that they simply can't afford the new repayments. Especially when you throw in the wider increase in energy costs and the effects of inflation more generally.

Right now, the markets have stabilised so we should see reductions in fixed rate deals, although it doesn't feel like we're anywhere near being out of the woods just yet.

I'm just praying that rates drop before my mortgage comes up for renewal... eeek!