Fixed rates up after six months of 0.5% BBR
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According to eMoneyfacts, since the Bank of England decided to reduce rates to 0.5 per cent, the average rates on fixed rate mortgages have continued to increase by as much as 0.63 per cent.
It also found that short-term tracker rates have also increased since March, up by as much as 0.36 per cent. Longer-term trackers have reduced by as much as 0.4 per cent.
The website also found that, since the Monetary Policy Committee’s decision, the average mortgage fee has reduced by £19, but the average loan to value of 73 per cent remains unchanged.
The number of mortgage products on the market have slightly increased over the six months, with 43 more 60 per cent LTV products and 17 more 90 per cent LTV products.
An eMoneyfacts spokeswoman says: “Base rate has been at an all time low for six months now, but it appears that only providers are feeling any real benefit.
“Borrowers looking for a new mortgage deal have been hardest hit, as lenders continue to look to repair their balance sheets through increased margins.”
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