Borrowers rush to get out of mortgages

Borrowers are paying charges to get out of their mortgages early so they can move onto new deals before rates increase further. Yorkshire Building Society customers paid 88% more in early repayment charges in the first five months of this year than in the same period of 2020. "More borrowers are considering their options before coming to the end of their deal. With rates seemingly only heading in one direction, I suspect we'll see similar activity throughout the year at least," commented Ben Merritt, the director of mortgages. 

The Sunday Times (26/06/2022)