After several months in which lenders had battled it out to provide the most attractive cut-price, fixed-rate, mortgages deals, it would appear that the “natural low point” has been reached.
The past seven days has seen several lenders reverse previous rate cuts, or removed certain deals from their portfolio of products, however, short and medium fixed deals are still incredibly low, with lenders looking to up their activity.
An example of the recent readjustment in rates was highlighted in a report in the Financial Times, which showed that: “Woolwich raised the interest rate on a two-year fixed rate mortgage for large loans from 1.38 to 1.59 per cent. Godiva, Coventry building society’s buy-to-let arm, raised its two-year fix from 2.79 to 2.99 per cent for those with a deposit of at least 35 per cent.”
“Virgin Money removed selected 2, 3 and 5-year loan products citing “ongoing changes in the swap market”. Others to have pulled deals or raised rates include Platform, owned by the Co-operative Bank, and Nationwide.”
Remember, here at The financial Planning Group, we are able to secure a mortgage deal six months ahead of your current deal ending, which makes it possible for our clients to reserve the best rates – regardless of what the market does in that period.
To speak to Steve about your property finance or mortgage requirements, call him on 020 8614 4782, or e-mail firstname.lastname@example.org.