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UK House Prices, Immigration, and Population Growth Trend Forecast

Average Two-year Fixed Mortgage Interest Rate at 19 Month High

Interest-Rates / Mortgages Apr 09, 2018 - 03:24 PM GMT

By: MoneyFacts

Interest-Rates

Moneyfacts UK Mortgage Trends Treasury Report data (not yet published) reveals that the average two-year fixed rate mortgage has increased for the second month in a row, to reach the highest point seen since September 2016.



“The latest figures show that the average two-year fixed rate mortgage has risen for the second month running, increasing by 0.04% in just one month. Reaching 2.43%, the average is now the highest seen since September 2016.

“After months of stagnation, both March and April’s increase on the average two-year fixed rate has now effectively cancelled out any rate reductions that may have occurred in the last 19 months. Speculation surrounding a base rate rise in May has also spiked, with providers perhaps starting to factor it in already.

“The two-year SWAP rate has risen to its highest value since August 2015, rising by 0.08% to stand at 1.11% today. As a result, providers have had little choice but to begin increasing rates to factor in the higher funding costs to their pricing.

“The increase to the average two-year fixed rate may also have been affected by the withdrawal of products from the 60% loan-to-value (LTV) sector. In fact, the total number of 60% LTV products has fallen below 500 for the first time since September 2016, reaching 495 today.

“In recent years, the 60% LTV market has been booming. There have been vast numbers of products introduced, often at record-lows, to attract borrowers who are looking to remortgage. However, with a base rate rise looming, providers could be withdrawing deals in anticipation of this. Alternatively, it could be as a result of finding themselves oversubscribed by borrowers, who will be looking to get a better deal before rates start to rise further.

“With rates on the rise before the Bank of England has even made a decision on whether to increase interest rates, borrowers who are either coming to the end of a deal or sitting on their SVR should consider remortgaging as soon as possible. This way, they can ensure they do not miss out on a low rate before they all disappear.”

Best Buys and true cost scenarios available upon request.

The Moneyfacts UK Mortgage Trends Treasury Report, out later this week, provides an in-depth monthly review of today’s changing mortgage trends, including all the relevant facts on the UK’s residential and buy-to-let markets.

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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