The cost of taking out a fixed-rate mortgage has started to rise, even though the Bank of England has kept base rates at a record low.<\/p>\n
Barclays and NatWest have become the latest lenders to increase the cost of some of their fixed-rate products.<\/p>\n
At least nine other banks or building societies have also raised their rates in the past few weeks.<\/p>\n
But no one on a fixed rate will see any changes until their current deal expires.<\/p>\n
On Friday, Barclays increased the cost of its two-year fixes by up to 0.2%. Repayments on a two-year fix at 60% loan-to-value will go up from 1.09% to 1.29%.<\/p>\n
Anyone taking out a two-year fixed-rate mortgage from Barclays, and borrowing \u00a3125,000, will pay an extra \u00a311.48 a month.<\/p>\n
NatWest is increasing the interest rate on one of its five-year fixes by 0.9%, but more typically by 0.16% on a two-year fix.<\/p>\n
Other lenders that have increased rates include Nationwide, Halifax and Santander.<\/p>\n
About four million people have fixed-rate mortgages.<\/p>\n
The reason for the rise is that lenders are having to pay more to access the funds they need to lend out to homeowners.<\/p>\n
These are financial instruments used by lenders, which reflect the expectation that base rates will go up in the near future.<\/p>\n
The Bank of England has already suggested that rates will rise “in the relatively near term”. Some experts think that could be as soon as next month.<\/p>\n
So if you are thinking of taking out a new mortgage or your current one is up for renewal don’t hang about, contact Debbie to speak to her about getting the best rate.<\/p>\n","protected":false},"excerpt":{"rendered":"The cost of taking out a fixed-rate mortgage has started to rise, even though the Bank of England has kept base rates at a record low. Barclays and NatWest have become the latest lenders to increase the cost of some of their fixed-rate products. At least nine other banks or building societies have also raised… View Article<\/a>","protected":false},"author":1,"featured_media":197,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/orchardmortgages.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/258","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/orchardmortgages.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/orchardmortgages.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/orchardmortgages.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/orchardmortgages.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=258"}],"version-history":[{"count":0,"href":"https:\/\/orchardmortgages.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/258\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/orchardmortgages.co.uk\/index.php\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/orchardmortgages.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/orchardmortgages.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/orchardmortgages.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}