Mortgage holders are desperate to know when interest rates will go down with consumers scouring the internet for predictions for when their repayments will finally drop.
Researchers at L&C Mortgages found Google searches for ‘when will interest rates go down’ have shot up 487 percent in the past 12 months.
Worried families also want to know ‘when will mortgage rates go down’ with searches for this key question increasing almost fourfold.
A spokesperson for L&C Mortgages said there had been a surge in Google traffic after high interest rates and rising mortgage payments hit the headlines.
The group said: “The latest news has now caused a surge of online interest in those looking to get more information and help on mortgages, interest rates and rent, highlighting the massive impact of the cost-of-living crisis on the British public.
“There are still plenty of deals available for borrowers looking to switch, but remortgaging a home is a decision that should be made with thorough research and help.”
Searches for ‘Mortgage help’ increased 1,366 percent over the past seven days as consumers look for advice.
The Bank of England hiked the base interest rate again on August 3 to 5.25 percent, meaning repayments for thousands of mortgage holders have gone up again.
The experts at L&C Mortgages encouraged people who are looking to remortgage to do their research to make sure they get the best deal.
They said: “Some tips to keep in mind during these uncertain times would be to shop around for the best rates available, which can be done online or by using a mortgage broker.
“Or look to request to extend the term on your mortgage so that you can pay a smaller amount each month but for a longer period.
“Another option could be to switch to interest-only temporarily; this can reduce the monthly amount of your payments in times of need and financial difficulty. Lastly, if you are struggling for tailored support, talk to your lender to help find the best solution.”
Many analysts have predicted the Bank of England will continue to increase the base rate with experts previously forecasting it could hit six percent or higher.
The central bank has continually hiked the rate in efforts to bring down inflation, which dropped to 6.8 percent for the year to July.
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