The cost of living has gone up exponentially over the past few months and the average rates for two, three, and five-year fixed rates rising again last week has meant that many have felt the financial squeeze.
The fixed two-year mortgage has gone up by 2 basis points up to 2.46% and for a three-year fixed-rate mortgage has climbed up to 2.52%, with the average five-year rate moving up 1 basis point to 2.72%. However, the 10-year fixed rate fell by 3 basis points, at 2.87%.
Moneyfacts finance expert Eleanor Williams says: “After the residential sector experienced a bit of a lull in activity last week, this week sees a mixture of updates which were announced both before and immediately after the Bank of England’s decision to raise the base rate to 0.50%.
“Earlier in the week we recorded rate increases of 0.15% applied to various providers’ SVRs and revert rates in reaction to the first base rate rise in December, including from Coventry BS, Hinckley & Rugby BS, Paragon Bank, Metro Bank, and Hodge, amongst others.
“Following yesterday’s announcement, we have seen Barclays Mortgage put up its tracker mortgages by 0.25% and The Mortgage Lender has increased revert rates by 0.25%.
“This week also saw Masthaven Bank withdraw from the residential mortgage market, while elsewhere the theme of rate re-pricing continues to dominate.
“Skipton BS put rates up by up to 0.47% across selected fixed products and reduced a couple of other deals by up to 0.04%, and Habito made notable increases of up to 1.00% on some of its deals.
“Other changes included Lloyds Bank tweaking 10-year fixed rate deals with reductions of up to 0.60% or increases of up to 0.13%, a change echoed by Halifax, which made cuts of up to 0.62% and a couple of increases of up to 0.14% on its longer-term fixed deals.”
If you have been affected by the recent increases in mortgage rates then why not give our team of expert mortgage advisors a call to see if you are eligible to remortgage which could save you £££’s on your mortgage each month.
Your home is at risk if you do not keep up the repayments.
