The race to fix your mortgage rate for 30 years

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Borrowers are rushing to secure long-term fixed-rate mortgages in a race to bag a historically cheap loan before they disappear.

Banks and mortgage brokers have said there has been a spike in the number of homebuyers fixing for five and ten years to protect themselves from rising interest rates because of inflation. In his budget announcement on Wednesday the chancellor warned that inflation is set to average 4 per cent over the next year, and budget documents showed that in a worst-case scenario it could peak at 5.5 per cent.

This could lead to a rise in interest rates, with the Bank of England base rate predicted to hit 0.75 per cent next year from its low of 0.1 per cent. The doomsday scenario from