fbpx

True mortgage cost rises

Robyn Hall

April 17, 2014

The average rate of UK retail mortgages (including all fixed and variable rates and all LTVs) in April 2014 is 3.87%.

Sylvia Waycot, Editor at Moneyfacts.co.uk, said: “The average true cost of a mortgage has risen for the third month in a row.

“This may be due in part to the Government withdrawing FLS from the retail market and refocusing it towards the SME market, causing a rebalancing of rates, fees and introductory offers.

“Fixed rates are also sensitive to SWAP rates which have been rising due to speculation of a BoE base rate rise.”

Average mortgage rates increased across the fixed and variable ranges, with the exception of variable two and five-year deals which saw averages dip.

The number of fixed rate mortgage products on the market contracted, with the exception of five-year fixed, whilst the number of variable mortgages rose across two, four and five-year terms.


Sign up to our daily email