- Types of Mortgage Explained
- Which Mortgage Type Is Right For Me?
- Mortgage Repayment Guide
- Remortgage Guide
- First Time Buyer Mortgages
- House Price Comparison
- How Much Can I Borrow
- Joint Ownership
Specialist UK Mortgages...
- Bad Credit
- 95 % Mortgages
- 100 Percent
- Help to Buy Mortgage
- Shared ownership
- Btl Mortgage
- Portfolio Mortgages
- Let to buy
- Self build
- Council right to buy
- Mortgage Protection
- Mortgage Surveys
- Mortgage Info
A stable outlook, as fixed mortgage rates continue to fall
Darren Cook, mortgage expert at Moneyfacts.co.uk, comments:
“There is a faint glimmer of hope that the fixed rate mortgage market is returning to some sort of normality. New mortgage borrowers are now finally benefiting from this, as lenders pass on a string of welcome interest rate cuts on their popular fixed rate deals.
“Moneyfact.co.uk has used a key barometer of the average two-year fixed rate over the past few months to analyse the trends of the overall fixed rate deals against the volatility of the swap market, the borrowing fixed rates used between financial institutions.
“The average two year fixed rate peaked at 7.08 per cent on 11 July ’08, its highest in over a decade after swap rates also peaked at 6.52% on 16 June ’08, reflecting the lag time for swap rates to reach the mortgage market is normally around two to three weeks.
“Several lenders, such as Halifax, C & G, Nationwide BS and HSBC have trimmed their mortgage rates over the past two weeks, which has resulted in the average two year fixed rate dropping to the current 6.95 per cent. Halifax, C & G, Abbey, Nationwide and HSBC , which supply the majority of overall mortgage lending, have a collective average two year fixed rate currently at 6.76 per cent.
“It is encouraging that, at long last, lenders are responding to the easing in wholesale borrowing costs and passing a discount on to the consumer. There is a sense that competition is finally returning to the fixed rate mortgage market, which will benefit the borrower.
“Two year swap rates are continuing to fall and yesterday’s closing price of 5.74 per cent is the lowest since mid May of this year, when the overall average two year fixed rate was 6.63%. If these downward trends continue unabated, we will see further fixed rate cuts by our top high street lenders in weeks to come, which just might be that glimmer of hope that we are all endlessly seeking”.
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.
Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600
We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £500