Mortgages are still cheap but price hikes may be coming
Fixed rate rises on the way?
A selection of mortgage lenders have increased the price of their fixed rates in recent weeks, but two-year fixes are still available from 3.75% and five-year fixes from 3.90%.
Santander and NatWest have increased their rates, and Leeds Building Society has also announced rate rises. Barclays has just raised many of its rates by 0.1% and pushed up its three-year fix to 3.95% for mortgages up to £2 million.
Aaron Strutt, product director at Trinity Financial, told The i newspaper: “The cost of funding mortgages has been edging up and government borrowing costs are higher, so we have been expecting a few price hikes. There is economic uncertainty at the moment, so it is worth locking in to a fixed deal if you are buying somewhere or need to remortgage.”
Mortgage approvals up
Mortgage approvals for house purchases in the United Kingdom rose to 65,400 in July, up by 800 from June, as the property market continues to see the Bank of England on a rate-cutting path.
Net borrowing of mortgage debt by individuals decreased by £0.9 billion to £4.5 billion in July, compared to a £3.2 billion increase of net borrowing to £5.4 billion in June.
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The information contained within was correct at the time of publication but is subject to change.
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