Have the historically low mortgage rates gone forever?

Have the historically low mortgage rates that were available at the end of summer 2017 now disappeared altogether?

Average rates for 2, 3 and 5 year fixed term mortgages hit all-time lows last August but have been fluctuating since then. The reason is due to the economic uncertainty likely caused by the halting progress of the Brexit negotiations.


Last year’s first increase in the base rate in a decade in November was followed by another rise, although later than expected in August 2018 rather than April.

As the base rate has edged up, swap rates have also been affected and the cost of lending for mortgage providers has been creeping up.

Mortgage providers are always constantly reviewing their rates to reflect market conditions and offer attractive ranges that appeal to a range of needs. However, the focus on pricing has been even more intense since last August. The continuous reviews mean that some lenders are still revealing low rates that they haven’t offered before, even though they haven’t quite reached the lowest average levels recorded on the market last year.

While some mortgages are definitely more expensive than they were 12 months ago, there are still some excellent value deals available. The trick would be to act as swiftly as possible to avoid disappointment.

Regardless of your employment status and financial situation, it is worth seeking qualified advice from independent mortgage experts, Deal Direct. Regulated by the FCA, we only recommend products that serve your best interests. If you don’t want to miss out on the very best deals the market still has to offer – call us right away.

Contact Deal Direct by calling 0800 048 8828 now.  

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Article published: Friday, November 30, 2018
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