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Which Way Mortgages?

Written By On 17/02/2014

Mark Carney has stated that interest rates will only increase after companies, households and individuals within the UK all start feeling the benefits of the economic recovery.

The Bank of England governor insisted

What we're trying to do to the maximum extent possible is to provide the comfort that we are not going to adjust interest rates until jobs, incomes and spending recover.

Mr Carney gave the impression that the BOE will not look to raise rates until at least May of next year which is when the next general election is due. It is forecast that by then the economy should be improving some more.

His comments appear to have brought stability to the mortgage and loan market for the short term at least.

Leading mortgage broker David Hollingworth seemed to feel the governor's statement helped to relieve pressure. He said,

His remarks took the worry out of some of the talk of near term increases in rates. We had seen a flurry of increases in the rates of five-year fixed mortgages earlier this year, but those appear to have gone through the system.

Coventry Building Society are offering a five-year fixed mortgage deal for a 65% LTV (loan to value) at a rate of 2.99% and £499 arrangement fee.

Chelsea Building SocietyL are offering a cheaper rate of 2.94%, but have a £1,675 fee.

Nationwide customers with a Flexaccount can pick up a four-year fixed mortgage rate of 2.79% for a 60% LTV plus a fee of £999. They also offer the option of a 3.09% rate with a lower fee of £99.

One of the most competitive two-year fixed mortgages can be found at the the Norwich & Peterborough building society. They have a rate of 2.04% for a 60% LTV with a fee of £345.

Or you can acquire a two-year fixed loan at HSBC at only 1.59%, but a higher fee of £1,999.

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