Fixed rate mortgage rates on the rise, says Moneyfacts
www.moneynews.co.uk > Mortgages > Fixed rate mortgage rates on the rise, says Moneyfacts
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Money News |
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Fixed rate mortgage rates on the rise, says Moneyfacts
Wed 9th Feb 2011
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Spokesperson for the company Michelle Slade claimed such products could be in line to get even more expensive as speculation mounts about an increase to the base rate.
Research by Moneyfacts showed the average interest rate on a two-year fixed deal is currently 4.49 per cent, which is the highest it has been since August last year.
Ms Slade encouraged people to act quickly if they want to take advantage of a competitive arrangement, as any rise in the base rate will make variable rate agreements more expensive.
"Borrowers who have delayed the decision to commit to a new deal will now find themselves having to pay higher monthly payments," she noted.
The firm had better news for people who have a 20 per cent deposit saved up, stating that the number of home finance deals available to such individuals has more than tripled in the past two years.
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