Last chance to get a FIX!

Filed under: Mortgages, Finance — Administrator at 9:33 am on Tuesday, June 16, 2023

We told you on the 8th June to get your mortgage fixed before rates went up. Well, if you haven’t yet taken our advice, you’d better hurry!

Nationwide set the trend last Friday when it withdrew its whole range of fixed rate mortgages and replaced them with rates 0.86% higher. We expect other lenders to follow suit with similar increases and the Yorkshire and Woolwich building societies have already withdrawn their lowest rates.

As we have repeatedly warned, the bank of England will be forced to raise interest rates sooner or later. Their base rate cannot remain at 0.5% for ever. The fears emerging about oil prices and the signs of house prices stirring will only serve to bring the increase closer. On top of that we are seeing the banking industry generally, staking steps to increase their margins.

So the message to borrowers is clear – get a fix now or you may be too late.

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