The final one of the ‘big four’ UK mortgage lenders has upped their fixed-rate mortgage rates, sounding the death knell for cheap products of this type in the UK.
The decision by Halifax, a huge UK mortgage lender, sees fixed-rate mortgages now priced closer to 7% than five. Monthly repayments on this type of mortgage loan, correspondingly, have soared.
The four largest UK mortgage lenders, Halifax, Nationwide, Abbey and Lloyds TSB have all recently increased mortgage rates, having a huge knock-on effect on mortgage affordability.
Fixed-rate mortgage loans are becoming harder and harder for the average borrower to afford, and ‘repayment shock’ is a major fear for many homeowners . Experts indicate that fixed-rate loans are at their highest rate in a decade.
Cheap fixed-rate mortgages vanishing from the market
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Cheap fixed-rate mortgages vanishing from the market
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