UK Money News
25th June 2008
Cost of fixed rate deals continues to rise
Homeowners are being forced to pay rates of over seven per cent on fixed rate mortgages, as lenders raise repayments to protect their profit margins.
According to a survey of the market conducted by Moneyfacts, the average rate on a two-year fixed rate deal has now climbed from a figure of 6.75 per cent last week to 7.02 per cent.
The cost of five-year fixed rate mortgages has also increased to 6.82 per cent, the site calculates.
Darren Cook, mortgage expert at Moneyfacts.co.uk, said the increase in costs was to be expected given the lending conditions being faced by banks in the money markets.
He said: "This increase is a result of the two-year swap rate reaching 6.52 per cent last week. Any increased cost to lenders in arranging the funds on the money market is passed on to customers.
"Lenders are also taking an increased margin on top as they price their products for risk."
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