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How has the rise in increase rates affected you?

Best mortgage rate 2022

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.

House prices hit record high in January: Halifax

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