Cost of fixed rate mortgages set to rise

Both Abbey and The Woolwich have announced that the costs of their fixed rate mortgages will rise at the close of business today. Some Abbey rates will be raised by as much as 0.56%, while The Woolwich will raise their two-year fixed rates by 0.10% and ten-year fixed by 0.30%. Todays news from Abbey follows two reductions earlier this month.

These rates rises follow a host of other rate changes announced in the last few days by The Scarborough, Coventry, The Post Office and Principality Building Society. The cost of borrowing has risen considerably in the last month and lenders are passing on higher costs to borrowers.

Chase De Vere are advising clients to act quickly to secure any deals they may be considering as it is likely many market leading deals will not be available much longer.

28 May 2008