The number of mortgage deals fixed at under 6% has slumped by almost a third in just a week, exclusive figures for theipaper reveal, leading to fears 5% fixed rate deals will soon no longer be available 🔴 Exclusive from DonnaLFerguson
The Moneyfacts data is more positive for people looking for five-year fixed rate mortgages, as the pricing for longer term mortgages has not increased in the same way. Now 63 per cent of all five-year fixes are below 6 per cent, instead of 65 per cent a week ago a year ago. Nevertheless, how long these deals will last is under debate.Ten-year fixes below 5 per cent do still exist and existing customers may be able to access cheaper deals than new customers.
However, Aaron Strutt, director at Trinity Financial, says: “There’s no getting away from the fact that deals below 5 per cent are really much harder to find. And there are probably still some lenders that are going to re-price, still, even though a lot of them have already increased their productsMore of the cheapest deals will vanish in the next week, he predicts. “We’re in this never-ending cycle of rate increases at the moment.
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