Mortgage Advice Bureau believes that further rises in both the base rate and mortgage interest rates later this year are inevitable.
Peter Brodnicki, Chief Executive, Mortgage Advice Bureau comments: "Since March our clients have become increasingly risk averse and currently 80-90% are preferring to take a fixed rate mortgage. We believe that anyone who does not have the appetite for a succession of rising monthly mortgage payments would be best advised to opt for a fixed rate mortgage now - we see the rates going in only one direction in the medium term. Anyone who sits on the fence any longer to see which direction rates are going to go in, is very likely to miss out on fixing at current levels."
