fbpx

Bad news for buyers as best mortgage deals disappear fast

Mortgages rates have leapt to an eight-year high as the best deals being offered disappear within days. 

The average five-year deal is now higher than 4 per cent for BBC World News Today the first time since October 2014, data shows. A typical two-year fixed mortgage also rose for the tenth month in a row to 3.95 per cent. 

BBC World Service\/BBC World\/BBC World News (UK) - CLG Wiki

Meanwhile, the shelf-life of home loan products fell, with offers now typically pulled from the market after just 17 days. 

\u03a3\u03b7\u03bc\u03b5\u03af\u03b1 \u03bf\u03bc\u03b9\u03bb\u03af\u03b1\u03c2 \u0395\u03c0\u03b9\u03c4\u03c1\u03cc\u03c0\u03bf\u03c5 \u0394. \u0391\u03b2\u03c1\u03b1\u03bc\u03cc\u03c0\u03bf\u03c5\u03bb\u03bf\u03c5 \u03b1\u03c0\u03cc \u03c4\u03b7\u03bd \u03c3\u03c5\u03bd\u03ad\u03bd\u03c4\u03b5\u03c5\u03be\u03b7 \u03c3\u03c4\u03bf BBC ...

There are also fewer deals to choose from, with 4,407 mortgage products available at the start of this month, down 149 since the beginning of July. 

Mortgages rates have leapt to an eight-year high as the best deals being offered disappear within days

Mortgages rates have leapt to an eight-year high as the best deals being offered disappear within days

\u03a3\u03b7\u03bc\u03b5\u03af\u03b1 \u03bf\u03bc\u03b9\u03bb\u03af\u03b1\u03c2 \u0395\u03c0\u03b9\u03c4\u03c1\u03cc\u03c0\u03bf\u03c5 \u0394. \u0391\u03b2\u03c1\u03b1\u03bc\u03cc\u03c0\u03bf\u03c5\u03bb\u03bf\u03c5 \u03b1\u03c0\u03cc \u03c4\u03b7\u03bd \u03c3\u03c5\u03bd\u03ad\u03bd\u03c4\u03b5\u03c5\u03be\u03b7 \u03c3\u03c4\u03bf BBC ...

Eleanor Williams, of data analysts Moneyfacts, warned: ‘Those looking for a new mortgage have the shortest length of time we have ever recorded to try to secure their deal of choice.’ 

It comes just days after the Bank of England raised its base rate by 0.5 percentage points – the biggest increase in 27 years – in a bid to control spiralling inflation. 

The rate, which banks use to set mortgage costs, is now at a 13-year high of 1.