FT Adviser - Mortgage lenders up fixed rates but cut trackers and BTL
A handful of mortgage lenders have increased their residential fixed rates, but some have cut their tracker and buy-to-let fixed rates.
High street banks Barclays and Virgin Money, as well as Coventry Building Society and Accord, put up their residential rates today (March 10).
Director at Trinity Financial, Aaron Strutt, said while rates hovering around 4 per cent a few days ago might have seemed achievable, now 4.25 per cent is looking more likely for a good deal.
“Mortgages are getting more expensive,” said Aaron Strutt.
“This is not great for borrowers, but it is how the market goes. Higher rates go, then this puts more borrowers off taking out mortgages. Then rates are cut again to stimulate the market.”
Strutt reckons mortgage rates are unlikely to settle until next year.
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