Financial Times - Cheapest mortgages withdrawn as swap rates rise
Interest rates on fixed-rate mortgages have reached a “natural low point” after months of price cuts and a recent rise in swap rates, brokers said.
In the past week, lenders have reversed rate cuts on some products or pulled deals without replacing them, signalling a lull in hostilities in the mortgage “price war” that has raged since last year.
Aaron Strutt, product manager at broker Trinity Financial, said demand for low-rate deals had picked up as people increasingly took the view that rates could not stay low forever. He added that whenever Mark Carney, Bank of England governor, discussed base rates, as he did this week, remortgaging enquiries “go through the roof”.
“Short and medium term fixes are incredibly low and we’ve seen a recent uptick in remortgaging activity.”
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