Fixed mortgage rates rise above 4% for the first time since December

The Sunday Times reports that fixed mortgage rates at less than 4% have disappeared as HSBC, Santander, NatWest, and TSB increased rates. The average two-year fixed-rate is now 5.74%, while the average five-year fix is 5.31%. The lowest five-year fix for those with a 40% deposit is now 4.04% from First Direct and the lowest two-year fix is 4.39% from Barclays. Craig Fish from the broker Lodestone Mortgages said: "Things are changing so swiftly that there are many disappointed borrowers because a slight delay can end up costing thousands of pounds. The ups and downs of the market at the moment are a huge headache for those who are purchasing or have to remortgage." He added: "One reason for the rapidly changing rates is that lenders are trying to manage their workloads." 

The Sunday Times (25/02/2024)