The price of both two- and five-year fixed loans has leapt in recent days, while the number of deals on offer has tumbled as lenders withdraw their products.
The latest data from Moneyfacts indicates 4,686 deals on the market compared to a high of 5,385 on 22 May, just a couple of weeks ago.
It shows how quickly prices have risen; the average rate for a two-year fixed mortgage is now 5.72 per cent - the highest since last December when the Liz Truss premium was still much in evidence. Only this time last week, it was 5.34 per cent.
Five-year deals are generally cheaper (reflecting an expectation that rates will fall further out) with the average coming in at 5.41 per cent but that too is sharply higher than the 5.01 per cent available a week ago.
To put things in perspective, the peaks in the wake of the Truss/Kwarteng mini-Budget were 6.47 and 6.32 per cent. Borrowers who took the plunge then must be feeling sorely vexed.
The catalyst for all of this is the very real fear that base rates will peak at a much higher level than had previously been expected as a result of Britain's stubbornly high inflation.
Bu hikaye The Independent dergisinin June 06, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Independent dergisinin June 06, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
Your At-A-Glance Guide To Election Declaration Times
The results of yesterday’s elections are being declared over several days, starting shortly after the polls closed last night and ending on Sunday.
Turkey Halts Trade With Israel Over Gaza Deaths
Turkey yesterday suspended all imports and exports to Israel citing the country's ongoing military action in Gaza and vowed to continue to impose other measures until the Israeli government allows the flow of humanitarian aid to the region.
The AI App That Shows Just How Bad Dating Is Right Now
As a new app launches with the promise to help men placate their ‘angry girlfriends’, Olivia Petter asks what this type of technology says about our expectations of men – and women
Sunak 'Worse Than Truss' As Tories Facing ‘Armageddon'
Rebel MPs sharpen knives as election mauling predicted
NHS Watchdog Sanctions Mental Health Hospital For Having History Of Poor Care
A private mental health hospital used by the NHS has been sanctioned by the service’s safety watchdog, which warned it has had a “history” of substandard care.
EU And US Urge Georgia To Halt Its 'Foreign Agents' Bill
The government of Georgia is under international pressure to abandon its plans to designate certain organisations foreign agents”.
Do Today's US Protests Really Compare To Sixties Struggles?
As the calendar turned from April to May, police marched onto the campuses of two major universities, one on each coast of the United States, and dispersed hundreds of students.
Biden Condemns Violence At Colleges Amid Gaza Protests
Joe Biden yesterday condemned the unrest and violence that has disrupted college campuses over the last week, while stressing the importance of the right of Americans to protest peacefully in support of the Palestinians’ treatment during Israel’s ongoing war against Hamas in Gaza.
Disco-pop princess fills the dancefloor like no other
Dua Lipa is doing what she does best on Radical Optimism’, getting feet tapping and bodies moving to slickly-made beats with an undeniable chart-topping energy
Hollywood made Dunaway pay for her independence
With new documentary ‘Faye’ set to premiere in Cannes, Geoffrey Macnab tells the cautionary tale of how the strong, chic ‘Bonnie and Clyde’ star ended up acting in B-movies