Mortgage lenders have been putting up rates and pulling deals at a rapid rate in recent weeks, driving up costs for homeowners seeking new deals.
New data released this week by Moneyfacts showed the average two-year fixed rate increased from 5.98% on Friday last week to 6.01% Monday morning.
Rate rises are also directly impacting Landlords with average rates on a two-year buy to let fix rising to around 6.3%.
It comes as lenders anticipate that the Bank of England will increase the base rate this week from 4.5% to 4.75% many analysts are now predicting the base rate to continue to rise to 5.5% (possibly to 5.75%) within the next 6-7 months.
More than 400,000 people will see their existing fixed deals end between July and September. Many face the prospect of having to budget for monthly repayments that are hundreds of pounds more than they have become accustomed to.
Take Action
With interest rates continuing to increase, it is imperative you get in touch with our team, particularly if your current mortgage product is due to come to an end within the next 3 to 6 months. It is vital that you lock in a rate as soon as possible.
Locking in a rate now using our “Flexi Lock” service means you can impart some stability and control over the options available to you.
Opting for Flexi Lock means we’ll search the market for the most suitable product for you and continue to monitor this right up until the product goes live. If we find a lower cost or more fitting product for your circumstances, we will switch the product over. This is done with no extra charge to you.
Use the following link to book a call with our senior broker Danny O’Keeffe or call our award winning team today on 0208 364 3444.