Move quickly to grab a good fixed rate mortgage
2 years ago
Lenders have increased the cost of fixed rate mortgages again causing concern for borrowers looking for a new home loan.The average two year fixed rate has jumped from 4.74 per cent to 4.9 per cent since the beginning of last week,according to independent data compiler Moneyfacts.The average five year deal has also shown a jump fro 5.61 per cent to 5.82 per cent.
Mortgage brokers London and Country said that " Lenders don't want to attract high volumes of business so they are shifting the rates upwards.As one lender increases its rates,it leaves another in pole position attracting more business ,so they too raise rates.This then causes a domino effect,meaning that low rates won't be around for long"