Evening Standard - First time buyers face £1200 jump in mortgage bills as war in Iran brings havoc to market
Tags: Press Commentary
First time buyers were warned of a £1,200 as year higher mortgage bill today as rates for borrowers with small deposits rise above 6%.
Latest data from analysts Moneyfacts show that lenders are rapidly repricing - or withdrawing altogether - mortgage deals at the “riskier” end of the product range as the war in Iran continues to bring havoc to Britain’s home loans market.
Aaron Strutt, product and communications director at brokers Trinity Financial, told the Evening Standard: “Anyone hoping we would have a better start to this week with some fixed-rate price improvements or at least a slowdown in the mortgage price hikes is going to be disappointed. The rate changes are still coming through thick and fast.
“For the moment, lenders like Barclays, TSB and NatWest have two-year fixes priced around 4.3%, and HSBC and NatWest have five-year fixes priced around 4.5%.
“Some lenders are pulling their entire mortgage ranges while they try to price their products, citing extreme market volatility. Swap rates instantly fell on the back of news of peace talks between Iran and America, but for the moment, the price rises are still coming through.
“It is hard for borrowers to know which lenders are offering the best rates or whether they are getting a good fixed deal. Many lenders are still giving very little notice before they pull their rates, which makes applying for a mortgage directly with a bank or building society very challenging.”
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The information contained within was correct at the time of publication but is subject to change.
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