Average mortgage rates are on the up, with further hikes likely.
For the first time in over a year average fixed rates have risen. After months of constant rates cuts the days of record lows look to be over.
For those who haven't yet locked into a cheap deal this is grim news, the advice therefore is to call 0800 048 8828 and get yourself an affordable mortgage while you still can.
Average 2 year fixed rates have increased 0.04% in a month, which is the first time this has happened since August last year.
Those deals rising at an increased pace are for lower LTVs, which means larger deposit buyers are being hit first. If you have a smaller deposit then the news is not so bleak. There may still be time to lock into a cheap deal as rates as this end of the market have not yet been hit.
For longer term rates the news is the same, with average 5 year fixes increasing by the same 0.04%.
Predictions of a base rate increase has caused lenders to hike rates. Rates have been set at such historic lows for so long, that lenders just have no where to go with pricing and so have no choice but to increase their rates.
The advice for those who have yet to fix a competitive deal is to get yourself a mortgage now while rates are still low. Failure to act could cost you dearly over the long term as rates are on the up.
To find out which is the very best deal on offer for your financial circumstances call us at Deal Direct on 0800 048 8828. We are an independent broker with access to all lenders market-wide.
For a low rate quote call one of our advisers today.
0800 048 8828.
