Financial Times - UK mortgage borrowers urged to lock in deals before rates rise

Mortgage borrowers should lock in deals quickly before rates rise, brokers warned, as the global bond sell-off piles pressure on lenders. Swap rates, which mortgage lenders use to guide their pricing of fixed-rate loans, jumped this week as the UK 10-year gilt yield rose to its highest level since 2008. Renewed hostilities between Iran and the US have stoked fears over inflation and higher energy prices. 

Aaron Strutt, product director at mortgage broker Trinity Financial, told the Financial Times: “Swaps have increased as the tensions rise again and they make grim reading. We are expecting fixed rates to rise even though there have been no major rate changes yet from the big lenders.” Nationwide is currently offering two-year fixed-rate mortgages at 4.48 per cent and five-year fixes at 4.5 per cent. “They may not be around for much longer,” Strutt said. Gen H, an online-only mortgage lender, said it would raise all its rates by 0.2 percentage points from Thursday evening.

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