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Fixed rates to hit 6% and rising
Fixed-rate mortgages are set to become even more expensive. Mortgage lenders are already charging huge margins on fixed-rate mortgages, meaning that borrowers looking to fix their mortgage should act now to find the cheapest quote.
Mortgage lenders (some part-owned by the Government) are hiking fixed-rate mortgage costs and not passing on falling swap rates. Profit margins on fixed-rate mortgages are extremely high, and set to become even higher.
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| Bank of England interest rates 'helping landlords' |
18.8.2009 |
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The low Bank of England interest rates have helped landlords in the UK, according to the National Landlords Association.
A statement from the group's public affairs officer Vincenzo Rampulla suggested that no increase in property possessions has been recorded in the last six months, while arrears are down 17 per cent - partly due to the base rate being maintained at 0.5 per cent.
Since March, the Bank's monetary policy committee has kept the cost of borrowing at this record low level.
Mr Rampulla indicated that more still needs to be done to help landlords and the property investment market as a whole because rent arrears may still be imminent for a number of buy-to-let landlords due to rising unemployment.
"What is still clear is that the lack of available credit continues to stifle market growth and, therefore, reduce available housing options," he claimed, before calling on lenders to do what they can to increase the flow of credit.
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| PO increases BTL rates |
29.5.2009 |
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The Post Office has withdrawn it's fixed rate buy-to-let mortgage products and replaced them with buy-to-let mortgages that are up to 0.40%, leaving the cheapest now priced at 6.29% to 31.7.14. The Post Office follows the trend of buy-to-let lenders to increase long-term fixed rates despite a recent fall in SWAP rates. FIXED RATE MORTGAGES withdrawn & replaced. NEW FIXED RATE MORTGAGES for direct business, second time buyers & remortgages only: 6.59% to 31.7.12, max 75%, fee £599; 6.49% to 31.7.14, max 75%, fee £599, both have incentives for remortgages of free legal fees & free valuation; 6.39% to 31.7.12, max 75%, fee £599; 6.29% to 31.7.14, max 75%, fee £599. W.e.f. 13.7.09. |
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