There’s been a jump in consumers shopping for fixed-term deals after the base rate rise to 0.75%, analysis by Experian has found.
A third (33%) of searches by carried out in July were for fixed-term deals, up from 27% in June and 24% in May.
Amir Goshtai, managing director, Experian Marketplace & Affinity, said: “The latest look at our data reveals that even consumers who are able to service their various debts are looking to take even more control and roll their monthly payments into one to reduce their costs.
“The rise in those looking at fixed-term mortgages indicates people have been reacting to the speculation of a potential rate rise.
“If and when there are further rises is yet to be seen, but in the meantime a priority for homeowners should be to take some simple steps to plan ahead.”