Platform increases mortgage rates, advising volatile swap rates are to blame.
Platform the Co-operative Bank intermediary, has announced its fixed mortgage rates are increasing. The decision to increase rates is said to be as the result of erratic swap rate movements.
Platform advise an increase to 2 year fixed mortgage rates by up to 0.33%, 3 year fixed rates by up to 0.46% and 5 year fixed rates by up to 0.68%. For 80% LTV you can now get a 2 year fixed rate from the lender at 3.25% and a 5 year fixed rate at 4.25%. Fees are charged at £995.
Platform are not the only lender to recently increase fixed mortgage rates, others include Skipton. the Newcastle BS and the Coventry BS.
Despite some lenders increasing their rates the news is not all doom and gloom as other lenders such as Barclays are still cutting theirs.
Barclays recently announced rate cuts and the launch of cheaper higher LTV mortgages to help smaller deposit buyers climb on the property ladder.
With a 10% deposit a 5 year fix rate mortgage is available from Barclays for 90% loan to value at 4.89%, and with a 15% deposit the 5 year fixed rate is 4.19%.
While the news is mortgage rates could soon start to increase, there are still some good deals on offer with low rates.
HOWEVER, if you are looking for a mortgage you are advised to act soon to ensure you get a low rate deal.
For impartial advice and an independent 'whole of market' mortgage review, call Deal Direct. We can help you find a competitive mortgage.
Call a Deal Direct mortgage adviser on 0800 048 8828.
