Mortgage payments to rise by £3,000 a year as interest rates soar – ‘Difficult for million | Personal Finance | Finance

Households thinking about remortgaging to save money are looking at alternatives, such as tracker rate mortgages, to do so.

However, Ms Noye notes that this is not a guarantee that payments will come down and, in fact, families could end up paying more if interest rates continue to soar at the rate they are going at.

The mortgage expert added: “Given the high interest rates – many of which still sit around six percent – those looking to refix may well be more tempted to opt for a tracker mortgage rather than fix at the current levels, particularly after Rishi Sunak announced inflation is likely to half this year, which could mean that the Bank of England will not need to continue hiking interest rates.