Mortgage Availability Falls As Rates Hits 4.24%

September 19, 2022

The average two year fixed mortgage rate has risen to 4.42%, up from 2.24% one year ago, This is Money reports. This could potentially add £200 onto the average monthly mortgage payment. The rates are at the highest level for nine years, and are set to rise further by the end of the year, and during the first quarter of 2023.

Those people looking to remortgage after their current deal comes to a close are advised to shop around to try and secure a good deal. Unfortunately, the number of products on the market is also decreasing across the range, according to the Mail. Therefore, it’s more important than ever to seek the advice of a professional mortgage broker.

Eleanor Williams of Moneyfacts, said: ‘The average product shelf life rose to 28 days in September, but rather than this indicating a more stable mortgage market, when considered alongside the significant number of product withdrawals it may instead be a sign that lenders are tightening and condensing their ranges and focusing their product offerings.’

She added: ‘It’s unlikely to be a surprise that average rates have continued to march upwards, with both the average overall two- and five-year fixed rates rising for the 11th consecutive month. As may be expected, the average two-year tracker rate has also risen, shifting in line with the recent base rate increases.’

It may be more challenging to take out a mortgage in today’s climate, but there are still some good deals to be had. Remember, even if you have a non-standard circumstance, such as a poor credit history, self-employment, or other untypical situation, there are lenders who specialise in such clients, and may be able to make you an offer.

If you are looking for an adverse credit mortgage brokers in the UK, please get in touch today.

Your home may be repossessed if you do not keep up with your mortgage repayments.

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