A MAJOR bank has pulled its mortgage deals for new customers in another blow for first-time buyers and those needing to remortgage. Nationwide Building Society is hiking some of its fixed mortgage …
On Thursday, the average two-year-fixed-rate mortgage rate on the market across all deposit brackets was 5.82%.The average five-year fixed-rate mortgage on the market on Thursday was 5.49%, up from 5.17% on June 1.Last month the Office for National Statistics revealed thatBut the fall had been expected to be far greater, with experts expecting it to drop to 8.2%.In May it went up for the twelfth time in 18 months, to 4.5%.
Jamie Lennox, director at Norwich-based Dimora Mortgages, said: “More needs to be done by lenders to give a minimum of 24 hours to brokers to allow reasonable time for consumers to consider their options.”Lenders are primarily upping their fixed mortgage deals instead of their standard variable and tracker deals right now.
Anyone whose fixed deal comes to an end this year is set to see their monthly payments increase by an average of £192, according to Hargreaves Lansdown.And 116,000 of these households will see their fixed deal expire this month, according to the ONS.First-time buyers could find themselves unable to buy the property that they want.
Sarah Coles, a personal finance expert at Hargreaves Lansdown, previously told The Sun that there is a higher chance that they may fail the affordability test now that rates are higher.If you're looking for a traditional type of mortgage, getting the best rates depends entirely on what's
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