The average two-year fixed rate is now close to 6% as major lenders raise the cost of deals sharply.
In December, the average two-year fixed deal was 2.34%.
The recently re-priced deals have tended to be from major lenders who want relatively low-risk borrowers. Those homeowners who have high debt levels, or who may have missed repayments on credit, may find their choice is much more limited in the short-term. Lenders look at the long-term cost of borrowing, and potential demand, and try to stay a step ahead of the Bank of England when setting the rates for fixed rate deals.
"The new rates reflect the continued increase in mortgage market pricing over recent weeks," a spokesperson for Halifax said. As always, there is uncertainty over the longer-term trend for mortgage rates. People will have to consider how much they can borrow, and what lenders will judge them to be able to afford.
Danmark Seneste Nyt, Danmark Overskrifter
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