The vast majority of mortgage borrowers who’ve had a choice are on fixed rate deals these days. If you fixed while rates were still low, a crunch point will loom, probably sooner rather than later. And those who for years felt pretty comfortable (often a tad smug) with tracker rates, which meant they paid a little more or less than the bank base rate will be weighing the pros and cons of jumping ship. If you move to a new fixed rate now, will that protect you from further rises or mean you lose out if and when rates fall? And should you fix for 2, 3 or 5 years? Will that tracker rate still prove to be the best bet? Truth is, we can only work on a ‘best bet’ basis. In my experience, if you are on a fixed rate, you’ll usually pay more than you need to then less than the going rate for parts of the term, and there are few winners or losers; so just take the plunge. One thing’s for sure. We can’t keep blaming Liz Truss for it all.
“Pensions minister: ‘we have created saving pots, but not a pension system’”
The OBR (Office of Budget Responsibility, as opposed to the OBI, often said to be housed in No.11) said this week that pensions were one of the biggest problems to be faced by this and future governments.
