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SELL YOUR HOME QUICKLYEnd of the road for 6-percent-and-less fixed-rate mortgages
The latest UK housing market research has dealt yet another blow to consumers struggling to finance property or sell a home quickly: The availability of fixed-rate mortgages has come to an end – at least for the foreseeable future. This was according to an article published online by Aboutproperty.co.uk, which explained that fixed-rate home loan deals of 6 percent and less would disappear from the market, as lenders battle to ration the limited mortgage funds available.
Aboutproperty.co.uk states that, this week alone, Nationwide has raised its rate by as much as 0.5 percent, whilst Woolwich has ceased to offer several of its most popular 2-year fixed-rate mortgage offerings in order to curb demand. Research reveals that if this trend were to continue, mortgage deals with a rate of less than 6 percent would become extinct.
Speaking to Aboutproperty.co.uk, mfrom.co.uk’s Francis Ghiloni explained, “Mortgages rates are continuing to rise despite concerted action by the Bank of England and it is unlikely there will be many fixed-rate deals left for below 6 percent.” He added that the few offerings that manage to survive with a rate of 6 percent or less will most likely be subject to higher rates, “as lenders seek to maintain profit margins”.