In the latest developments within the mortgage market, major lenders, including Halifax, Santander, Co-op, and NatWest, have announced increases to their mortgage product rates. This trend is not confined to mainstream residential mortgages alone but is also impacting more specialised sectors, such as buy-to-let and HMO mortgage products.
Industry Opinion
The recent uptick in mortgage rates is being attributed to higher swap rates. Experts suggest that these increases are a direct response to the current financial climate, signalling a period of adjustment for both lenders and borrowers.
Despite recent upheavals, market forecasts regarding the base rate remain unchanged, with a cut anticipated in June from the current 16-year peak of 5.25% down to 5%. Though we stress that borrowers must remain cautious.
Current Mortgage Rate Landscape
As per Moneyfacts, the current average rate for a two-year fixed residential mortgage stands at 5.78%, with the five-year fixed rate slightly lower at 5.35%. However our sourcing systems are still accessing two-year fixed rates from 4.19% and five year fixed rates from 4.68%.
Secure a Competitive Rate Today
With our “FlexiLock” service, we will search the market for the most suitable product for you and continue to monitor this right up until the product goes live.
Our experienced brokers will liaise with you multiple times before the product goes live. And if we find a lower cost or more suitable product for your circumstances, we will switch the product over.
In practice this means cancelling the rate we had secured and swapping over to the improved rate. This is done with no extra charge to you.
Speak to our award winning mortgage brokers
Whether you’re considering buying a new property, remortgaging, or just seeking advice on the best course of action in this volatile market, our team is here to assist you.
Get in touch now on 0208 364 3444 alternatively click here to schedule a free consultation call. Be sure to ask about our Flexi-Lock service to ensure you can lock in the best rate.