Homeowners waiting weeks to switch mortgages ahead of rise in interest rates

Homeowners attempting to switch their mortgages ahead of interest rate rises have been left waiting weeks, as banks struggle to handle the wave of applications.

Thousands of borrowers on variable and fixed rates are attempting to swap to a low-cost provider ahead of expected mortgage rate rises.

As it stands, homeowners can still receive a five-year fixed rate of 2.5%, but there are fears that could surge much higher.

CEO of onlineapplication.com, Karl Deeter, says borrowers could be left paying higher rates if their applications are delayed.


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