UK average mortgage rates begin to rise.
New research has revealed that UK lenders average mortgage rates have slowly started to rise.
This added to the fact various lenders are to increase their SVRs from 01 May, means now could be the time for mortgage holders to look around for a new deal.
Mortgage market analysis shows that average 2 year fixed mortgage rates reached a low back in October last year when they were 3.82%, which was the lowest point since April 2009. Fixed rates have recently risen increasing to 4.15%. This is an annual difference of £327.72 for a £150,000 repayment mortgage.
Research analysis reveals that 5 year fixed mortgage rates are also on the up. Lenders 5 year fixes reached a low back in January this year when the average was 4.57%, but since this time the average rate has crept back up and is now 4.72 %. This increase adds £153.72 to overall mortgage costs on a £150,000 repayment mortgage.
A number of lenders SVR rises are to come into effect from 01 May and through these increases it is estimated that around a million mortgage holders could be affected by rising costs.
With mortgage rates heading upwards anyone who is looking for a new mortgage or whose current mortgage is due to end should contact Deal Direct. By acting now we could secure for you a more competitively priced rate, by continuing to wait you may find that the best deals may be gone.
Contact Deal Direct today and let one of our skilled advisers source a new deal for you.