Homeowners coming to the end of their fixed term deal could benefit from securing a new rate soon, brokers tell i
Some of the best mortgage rates on the market could disappear in the coming weeks, experts have warned, with homeowners coming to the end of their current fixed deal urged to lock in a new offer now.
However, a number of factors mean that expectations of two cuts to interest rates this year – at both the remaining meetings of the Bank’s Monetary Policy Committee – have reduced. “Given these factors, we expect to see some lenders begin to reprice their products, particularly among specialist lenders and smaller building societies. If swap rates continue to rise, it’s likely that the best mortgage deals which are already slim in margins for lenders will start to disappear, with more widespread repricing if competitors do the same,” he added.
Aaron Strutt of Trinity Financial said it would remain to be seen whether more rates would rise. “It does seem like rates may well edge up but we will have to wait and see. Lenders are normally pretty slow to put rates down but quick to increase them with funding costs change,” he added.
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