The Times - Mortgage rates are rising - but are still low
The past week has seen a flurry of rate rises as lenders report a rush to lock into low fixed rate mortgages before rates rise. Last week the Bank of England governor Mark Carney took many by surprise when he said that rates could rise “sooner than markets currently expect”.
A number of lenders have since withdrawn their cheapest deals due to “exceptional demand”.
Nottingham Building Society also pulled its best buy discounted variable rate which currently has a pay rate of 1.85 per cent for two years. This morning Accord Mortgages also announced increases on some of its two, three and five year fixed rate deals.
Despite deals being pulled, there are still a range of two-year fixes available below 2 per cent and five-year fixes available at around 3 per cent.
Aaron Strutt, of mortgage broker Trinity Financial, says: “Mortgage rates have been slowly increasing over the last few weeks and more lenders are likely to raise rates. Virgin Money has just launched a decent four-year fix at 2.99 per cent and it is cheaper than the vast majority of five-year deals. It is available for those with a 40 per cent deposit and the arrangement fee is £995.”
Click here to view the full story £
Please note, we are not responsible for the accuracy of the information contained within the linked sites accessible from this page.
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
