Is it time to secure a fixed rate mortgage

Millions of home buyers are wondering what to do with their mortgage, it has been noted.

Writing for the Daily Mirror, Clinton Manning observed that with interests rates at a record low of 0.5 per cent, the only way the cost of borrowing can now go is up.

He explained that rates will not remain as low as they are today and as soon as there is any hint of the Bank of England raising the cost of borrowing, the cost of fixed-rate deals will jump.

"If you are concerned that you may not be able to afford your mortgage if rates start rising, it could pay to lock into a fixed rate deal today," he said.

"It is highly unlikely that rates are going to get any cheaper but if you wait until they start rising you may end up paying a lot more than today."

Earlier this week, the Bank of England announced that mortgage approvals dropped for the sixth month in a row.

Some 47,185 loans were approved for those buying a new home in October, the lowest level since February.