NatWest increases 5 year fixed mortgage rates.
NatWest had announced that due to rising swaps it has been left with no choice other than to start to increase its mortgage rates.
Since 5 year swaps have risen form 0.93% in April to 1.91% in the middle of September, 5 year fixed rate mortgage funding has significantly increased in cost.
NatWest are not the first lender to introduce a mortgage rate hike, and predictions are that they will not be the last.
Currently 2 year fixed rate mortgages haven't increased in cost, so those looking for a shorter term fix can still find historic low rates. However those looking for a longer term 5 year fix are advised not to hold off too long when sourcing a deal.
Analysts are predicting many other lenders could soon follow suit by increasing their 5 year fixed mortgage rates, so if you are looking for a deal you should be searching for an offer sooner rather than later.
To get the most affordable mortgage it is vital to make a 'like for like' comparison of all products. To compare all lenders have to offer it is advisable to enlist the help of an impartial and independent mortgage expert.
For independent advice and a low rate quote you are recommended to call Deal Direct on 0800 048 8828.
Speak to an adviser today for the best mortgage offer available.
