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Cheap mortgages 'will not be around for long'

Cheap mortgages 'will not be around for long'

Tuesday, 16 November 2010 10:45 AM

Interest rates on mortgages are set to increase and cheap mortgages are unlikely to stick around for long, according to the consultancy Ducalian.

Recent research from Sainsbury's Home Insurance revealed that the cost of running a home had fallen by almost 14 per cent in the past two years - and now stands at around £8,059 a year.

Timothy Lambert, head of consulting at Ducalian, said that most people would be rather surprised by the figures.

However, he added: "Lots of local authorities have frozen council tax and some boroughs such as Hammersmith & Fulham have actually lowered them year-on-year."

Mr Lambert went on to say that the main reason is that mortgages are currently "cheap" for many, which "vastly sways" the statistics.

"But rates will rise over the course of the next few years as interest rates rise and cheaper products that run for a fixed period are coming to an end," he warned.

The annual cost of running a home, estimated by Sainsbury's Home Insurance, equates to £155 a week, or £22.08 a day, per household.

In 2008, household expenses were found to be almost £1,300 higher, at £9,324 a year.

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Tuesday, 16 November 2010 10:45 AM

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