Sharp rise in price of fixed mortgages
The price of fixed rate mortgages has moved up sharply since the surprise 0.25% increase in the base rate to 2.25% and there appears to be is practically nothing left at 5% or less.
Nationwide is the latest to announce its new rates which range from 5.28% to 5.88% for house purchase. The lowest interest rate is a two-year fix at 5.28% but it is only suitable for larger loans as it carries a hefty £899 arrangement fees. Most expensive is a no-fee two year fix at 5.88%.
The three year fixed rate is 5.63%, five years at 5.48% and 10 years fixed at 5.48% too. These all carry an arrangement fee of £499. Rates for remortgages range from 5.38% to 5.98%.
‘Money market rates have been rising steadily over the past few months and virtually every lender has been forced to launch new fixed rate products that reflect these higher costs,’ said John Sutherland, marketing director at Nationwide.
Nationwide is the latest to announce its new rates which range from 5.28% to 5.88% for house purchase. The lowest interest rate is a two-year fix at 5.28% but it is only suitable for larger loans as it carries a hefty £899 arrangement fees. Most expensive is a no-fee two year fix at 5.88%.
The three year fixed rate is 5.63%, five years at 5.48% and 10 years fixed at 5.48% too. These all carry an arrangement fee of £499. Rates for remortgages range from 5.38% to 5.98%.
‘Money market rates have been rising steadily over the past few months and virtually every lender has been forced to launch new fixed rate products that reflect these higher costs,’ said John Sutherland, marketing director at Nationwide.
posted by ew at
12:31 PM
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