Concerns of imminent interest rate rises seal end for current fixed mortgage deals
UK lenders are retreating from the fixed rate mortgage front line in their droves as a result of fears that the Bank of England will soon increase the base rate.
Despite nine consecutive months without change from the current base rate of 4.5%, murmurs in the city suggest that the independently set figure will increase soon, which will be to the determent of mortgage lenders offering fixed rate deals. Already Abbey, Bank of Scotland and GMAC banks, and the Yorkshire, Cheshire and Stroud & Swindon building societies have removed their fixed rates as of last week, the Times has reported. Nationwide and Halifax are expected to follow suit this week. Ironically the expected interest rate move is the opposite of what was being predicted just a few months ago. However, evidence of a resurgent property market and a strengthening manufacturing sector has resulted in base rate predictions swinging from cuts to increases. While some mortgage providers, such as Abbey, have already introduced new products at higher interest rates, most are waiting to gauge the mood.
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