Homeowners considering their options in terms of expanding their living space may be interested to hear of a rise in the number of people signing up for variable-rate mortgages.
When Brits need more space, they are often faced with the choice between enlarging their current property with something like a roof light and loft extension, or moving to a new residence.
Those in such a situation should be aware that 34.7 per cent of all mortgage approvals in July were for variable-rate deals – a rise from 16.9 per cent in June, according to figures from John Charcol.
Commenting, Bestinvest head of mortgages Peter ODonovan stated it is not surprising as there is now a "quite substantial" difference between those agreements and fixed-rate offers.
"If you have got the opportunity of paying maybe 2.75 to three per cent or paying over five per cent, then at the moment it is well worth considering the difference between the two," he said.
However, those on such deals are also open to price fluctuations, which could see the cost rise, potentially making it a gamble for some.