Anxiety over a possible hike in interest rates has led to a rush for fixed rate mortgages, according to a Birmingham financial adviser.
Joyce Coakley, managing director of the all-female MCEdgbaston, says fears that the Monetary Policy Committee will increase rates by 25 basis points to 5.5%, has seen applications for changes in mortgage arrangements double over the last two weeks.
Coakley said: “People are worried that another increase in mortgage rates will send them over their budgets.
“There is also evidence that the last couple of hikes in rates are starting to have a downward effect on the number of mortgage applications, but with consumer spending holding firm and annual house price inflation at 8.3%, the MPC will feel it has no other choice than to go for an increase
