Mortgage News
"Mortgage lender says fixed-rate deals set to lose edge"
Rapidly increasing swap rates are likely to make tracker mortgages or those with discounted mortgage rates the best value deals over the next two weeks, according to one mortgage expert.
Fixed-rate mortgages will lose their competitiveness in the next few weeks, says the head of mortgages at Woolwich, Andy Gray.
"Rapidly increasing swap rates, pushed higher by a view that base rates will rise this year, are having the effect of making fixed-rate products increasingly expensive to put together," Mr Gray explains, adding that this adds to making mortgage rates uncompetitive.
This is why the mortgage lender recently launched a lifetime tracker mortgage that it claims is "market leading". The new tracker mortgage rate will be set at 0.19 per cent above the Bank of England's base rate .
Woolwich is also launching a new two-year tracker mortgage that comes with a discounted mortgage rate that is 0.12 per cent below the base rate.
"In the current market it will soon be impossible to come anywhere near this on a fixed rate," Mr Gray comments. The new tracker mortgage with the discounted mortgage rate can be taken out for a maximum loan-to-value of 75 per cent.
For those wanting to take out a mortgage with a loan-to-value above 75 per cent, the mortgage rate will be 4.79 per cent.
New and existing customers can apply at any branch of Barclays or Woolwich - the mortgage lending arm of Barclays - or on either provider's website.
Source: Mortgages.co.uk
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© 2008 Michael J Alexander
Your home may be repossessed if you do not keep up repayments on your mortgage. Written quotations compliant with the Mortgage Conduct of Business (MCOB).
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