UK Money News
18th June 2008
Sub-6% fixed rate offers 'set to disappear'
Fewer and fewer fixed rate mortgage deals will be available with sub-six per cent rates in the near future, as lenders continue to raise repayments to shore up profit margins, it has been predicted.
Francis Ghiloni, mform.co.uk marketing and business development director, said the continued gap between the base rate of interest and the London Interbank Offered Rate (Libor) will mean that fixes will continue to increase in cost for the foreseeable future.
He said: "Mortgage rates are continuing to rise despite concerted action by the Bank of England and it is unlikely there will be many fixed-rate deals left below six per cent.
"Those that do survive with headline rates of less than six per cent are likely to have higher fees as lenders seek to maintain profit margins."
Research by Moneyfacts.co.uk revealed that the average rate currently being charged on two-year fixed-rate deals, which are the most popular on the market, stands at 6.75 per cent.
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