UK Money News
20th June 2008
More costly fixed rate mortgages squeezing debt-hit homeowners
Homeowners opting for fixed rate deals to gain greater control over their mortgage debt are being hit by higher repayments, new research has shown.
Since the downturn in the housing market became apparent, homeowners have been seeking out fixed rate mortgages for the security they offer amid higher energy bills and food prices.
However, according to figures from Legal & General the cost of fixing has increased significantly in recent months.
The average rate on two-year fixed rate deals - which are the most popular mortgages on the market - now stands at 6.51 per cent, up from 5.87 per cent just three months ago.
Five-year fixes have also become more expensive, with the typical rate rising from 5.82 per cent to 6.34 per cent.
Stephen Smith, director of housing at Legal & General, said: "The price of fixed rates and petrol keeps going up and up, yet consumer appetite for both shows no sign of abating."
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