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With fixed rate mortgages disappearing faster than you can say "inflationary scary monster", what can homeowners do to protect themselves against painful higher interest rates? The main reason for the expected rise in the base rate by the Bank of England is that inflation jumped from 4% to 5% since July, as measured by the consumer prices index. Alarm bells rang and the Governor of the Bank of England had to write to Chancellor Gordon Brown to explain why inflation had risen more than 2 percentage point above the 2% target. The only way to kill the inflation beast is to hoist interest rates and, in anticipation of a rise, the City pushed up their swap interest rates, the future rates that the banks and building societies are charged for borrowing. Hence the withdrawal of some cheap fixed rate deal from a number of lenders. What it means to us is that we won't be seeing the low interest rates of between 3.75% and 4% enjoyed a couple of years ago for some time to come.

After the Bank of England put up interest rates 6 times since August 2006, some economists are now talking about the base rate rising to  6% (the real scare mongers have mentioned 7.5%). 

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