Fixed-rate deals increasingly expensive
The cost of fixed-rate mortgage deals is continuing to rise, according to new research.
MoneyFacts has revealed that the average cost of a two-year fixed-rate mortgage deal has risen to 7.07 per cent - suggesting more people will start looking for property to rent in London as barriers to home ownership increase.
Statistics showed that rates are continuing to rise, with only a very small number of lenders reducing deals.
"It is an extremely worrying time for anyone coming to the end of a fixed-rate deal," Darren Cook, mortgage expert at MoneyFacts said.
It is thought that lenders have been forced to increase the cost of fixed-rate mortgage deals in response to hikes in swap rates.
Last week, Halifax increased the cost of its fixed-rate mortgage deals by 0.2 per cent, with NatWest and the Royal Bank of Scotland increasing theirs by 0.4 per cent.
Also recently, Bradford & Bingley, First Direct and the Co-operative Bank all raised the cost of their fixed-rate home deals.
Published 8th July, 2008
© 2008 Estates IT Limited
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The cost of fixed-rate mortgage deals is continuing to rise, according to new research.