Rates on Fixed Rate Mortgages Increase
The big lenders have all been increasing the interest rate on the fixed rate mortgages this week, despite the record low level of base rates. They have blamed the the rise in swap rates.This week, Abbey, the UK's second largest mortgage lender, increased its fixed-rate deals by between 0.25% and 0.5%. Lloyds Banking Group has also increased some of its fixed rate deals this week.
With base rates at an historic low, fixed rate deals have become very popular recently - during April, 69% of all new mortgage lending were at fixed rates. The expectation from mortgage experts, such as Savills, is that now is a good time to fix, with base rates only likely to rise from current levels.
Currently, the average 2 year fixed rate mortgage with a minimum 25% deposit is 4.28%.
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