![]() ![]() These averages have now fallen to 5.42 per cent and 5.14 per cent respectively, according to Moneyfacts - though cheaper deals are available, especially for those with larger deposits.įalling rates: Fixed rates have been steadily falling since peaking in October last year The rapid rise of interest rates following the Autumn mini-Budget saw the average for both two and five-year fixed rates soar to over 6.5 per cent in October. Since the start of the year Halifax, Santander and Barclays have all slashed the prices on their fixed rate loans. HSBC is the latest major lender to drop its rates. 'We could see five-year fixed rates as low as 3.5 per cent in the not-too-distant future, but how far the they go will be another question,' Mendes continues. HSBC are the first to "break the camel's back" and am sure we will see other lender follow in the next few weeks. This will mean mortgage rate competition will be in full swing. 'The markets clearly feel that base rate will be on a downward projection from the end of this year. Nicholas Mendes, mortgages technical manager at John Charcol said: 'With swap rates hovering at 3.5 per cent on a five-year fix, there is a clear indication that base rate and the economic outlook look far more positive than recent times. someone else is now living in it, but it never paid me the £11,525įive-year mortgage swap rates are currently at around 3.5 per cent, suggesting that this is where banks believe interest rates will be in five years' time. CRANE ON THE CASE: I sold a caravan to Royale Resorts last year.Number of people paying Capital Gains Tax rockets by a fifth: How can you reduce your bill?. ![]()
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