You are here: Home - Mortgages - First Time Buyer - News -

Two-year fixed mortgage rates at highest level since 2016

0
Written by: Lana Clements
09/03/2018
Mortgage rates on two-year fixed deals have leapt to their highest level since 2016 as lenders reprice ahead of an expected Bank of England hike, analysis has shown.

The average two-year rate has this week reached 2.41%, a high last seen in September 2016, according to Moneyfacts data.

Rates have been steadily building over the past six months from a typical 2.17%, and since February alone have increased from 2.34%.

It comes as the Bank of England is expected to raise the base rate again in May, from its current levels of 0.5%.

Borrowers have been urged to act to secure a competitive deal sooner rather than later.

Charlotte Nelson of Moneyfacts, said: “In recent weeks the trend of mortgage rates rising appears to be more than just a blip.

“As we move further into the year, borrowers will be expecting a move by the Bank of England.

“Therefore, if they haven’t done so already, they should consider a fixed rate deal so they can avoid inflated repayments.”

Related: See YourMoney.com’s How to remortgage guide for more information.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

Your rights for refunds if travel is affected by strikes

There have been a wave of strikes this year across many different industries, and more are planned over Christ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week