The mortgage market remains volatile and despite seeing a few rate rises this week, we have also seen a few attractive mortgage packages launched onto the market for borrowers to consider.
As Moneyfacts finance expert Rachel Springall points out we had a new mortgage range from The Co-operative Bank launched, which included a competitive three-year fixed deal priced at 6.83% at 95% loan-to-value.
“Several lenders increased selected fixed rates including a few household brands such as NatWest, rising selected fixed rates by up to 0.40%, but they also made selected cuts of 0.10%.”
Lloyds Bank increased selected rates by up to 0.46% and Halifax increased selected fixed rates by up to 0.61%.
Springall adds: “There were also some competitive mortgage deals launched onto the market, and some rate cuts, such as with MPowered Mortgages which reduced two-year fixed rates by 0.26% and launched new two-year fixed mortgages”.
A few lenders increased their standard variable rates this week, such as The Co-operative Bank, Platform, Metro Bank, Cambridge Building Society and Chorley Building Society which increased by 0.50%, Leek Building Society by 0.25% and Post Office Money by 0.20%.
As Springall explains: “ It may take a few weeks for more improvements to surface, especially as another base rate decision looms. Those borrowers who are still tied into a low fixed rate mortgage would be wise to overpay where they can, but for those coming off a deal its vital they speak to their lender and seek independent advice if they are struggling to make repayments.”
