With rising swap rates and widely circulating rumours of a Bank of England interest rate increase, it seems that borrowers are responding by taking out fixed-rate mortgage deals . New figures from My Mortgage Direct reveal that fixed-rate mortgages sales have overtaken sales of tracker mortgages .
The news comes despite fixed-rate mortgages becoming more expensive over the same period, although recent trends indicate that borrowers are returning to tracker mortgages. In June, 48 per cent of mortgages sold were tracker deals, whilst fixed-rate loans made up 44 per cent of the mortgages market . This reflects a shift from April and May, when the majority of mortgages sold were fixed-rate.
According to My Mortgage Direct, the number of first-time buyers entering the market has also slowed up, despite a surge in April. Many people could be scared off from taking out a mortgage with interest rates forecast to climb.
One expert from My Mortgage Direct said: "Rates are extremely low right now but for newcomers to the housing market, this is all they’ve ever known. Talk of a rise of 0.5 per cent is viewed with concern and is scaring some people off taking on a mortgage that - they believe - could spiral out of their control."
Fixed-rate mortgage sales still high
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Fixed-rate mortgage sales still high
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