the new fixed-rate mortgage
To reflect certain changes to the Bank of England’s base interest rate, Skipton Building Society have changed their fixed rate mortgages.
Mainstream press reports feels that Skipton’s fixed-rate mortgage has come off the market and has purchased its loans back onto the market not finishing but starting at 5.34 per cent and rising. Fixed rate terms of 2 years, 3 years, 5 years, 7 years and 10 years are included in the new mortgages.
Analysts feel that the Base interest rates will rise even more this year. 5.25 per cent will be just a minimum and current rates of interest are likely to rise beyond this. Homeowners today may go with Skipton’s new fixed rate offer.
"With the Bank of England's base rate steadily rising, the majority of borrowers are still looking to secure their monthly repayments by choosing a fixed rate mortgage. For example, for most first time buyers it is already an uphill struggle to get onto the property ladder and so when they find a mortgage, they want the security of knowing their repayments will remain the same for the entire term." Said the head of lending, Colin Dale.