As some lenders have been raising their fixed mortgage rates in recent weeks – the time could well now be imminently upon us all whereby we all need to sort out our mortgages fast, in order to avoid paying more.
Therefore, the coming weeks are likely to be crunch time for the many borrowers who need to be considering sorting out a new fixed-rate mortgage deal.
As already mentioned Mortgage Lenders have been tweaking their mortgage interest rate offerings, as a result this is seeing them increasing rather than decreasing hence now leading to some of the lowest of the low fixed-rate deals disappearing from the market.
According to MoneyFacts, dozens of providers upped their rates between mid-September and mid-October, on the back of strong hints that the Bank of England’s base rate could soon edge up from its low of 0.25%.
Charlotte Nelson, a spokeswoman for MoneyFacts, says that, amid the speculation about a possible base rate rise, swap rates, which lenders use to price their loans, have been heading upwards. She says: “Swap rates have started to increase, which has caused lenders to rethink their offerings.”
“Several larger and smaller lenders have been increasing the Mortgage Rates they are offering, with some ultra-low fixed-rates being pulled off the market altogether. This acts as a reminder that those rates won’t stay that low forever and actually they’re already on the move.”
“Such rate increases could affect people with bigger and smaller deposits as well as the loan-to-value range offerings.”