Best fixed-rate mortgage deals 'will be gone by the end of the week'

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Best fixed-rate mortgage deals 'will be gone by the end of the week'

Wed 17th Jan 2007

As interest rates climb mortgage lenders are withdrawing many of the best fixed-rate deals from the market, and according to accountant John Charcol most of them are likely to be gone by the end of the week.

The mortgage advice firm says that with speculation rife that the Bank of England will raise interest rates again next month, many consumers are scrambling to secure fixed-rate deals that will protect them against further hikes.

But it warns that consumers must act fast, as lenders are fast pulling some of their best offers from the market and replacing them with higher fixed-rate deals.

Katie Tucker, product specialist for John Charcol, said: "Some lenders are still offering excellent fixed-rates based on old money, although the best of these deals are unlikely to last beyond the end of this week.

"If you are on your lender's SVR or if your existing mortgage deal is due to come to an end soon and you want a fixed rate, you should secure your new mortgage as soon as possible."

This month the Bank of England put up interest rates by 0.25 per cent to 5.25 per cent in a move that was widely unexpected. Figures out this week show that prices are rising at three per cent and analysts now expect further rate rises in an effort to curb inflation.

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