All of the six major UK high street banks have increased the price of their cheapest fixed rate mortgage deals in the past two days, marking the latest chapter in the country’s mortgage cost saga DonnaLFerguson reports
The average fixed interest rate,, has now hit 6.37 per cent, a “significant” increase for such a short period, according to mortgage expert David Hollingworth, associate director of communications at L&C Mortgages. It means someone taking out a typical loan of £165,000 at on a 20-year term would pay an extra £432 a year, or £36 a month.a symptom of the volatility of rates and a sign of the ongoing pace of change in the mortgage market.
Both of these things have caused volatility in swap rates – the measure that lenders use to determine the cost of their fixed rate mortgages.others are taken by surprise when they discover their fixed-rate deal is now the market leader “They want to be about ninth or tenth in the best buy table. So they reprice and whoever was below them then rises to the top of the table, and suffers the same problem. So then that lender reprices, because now they also want to be ninth or tenth, and so the circle continues.”
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