Yorkshire sees borrowers rush to fixed rates

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Yorkshire Building Society has seen a rush of consumers choosing fixed rate mortgages ahead of a potential Bank of England base rate rise next week.

The lender says its ratio of fixed rate to variable rate mortgage applications grew from 35:1 in August to 64:1 in October.

The Bank of England’s Monetary Policy Committee will make a decision on interest rates on 2 November.

Yorkshire Building Society senior manager Simon Broadley says: “With increasing speculation that the Bank of England could trigger a rate rise this week, our data indicates borrowers are keen to secure a deal before any potential increase.”

A base rate rise in the near future has been described as a “near certainty” as inflation hit 3 per cent earlier this month.

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