The vast majority of lenders have made cuts to their fixed rates this week, but the tide is starting to turn due to some lenders increasing rates.
Rachel Springall, Finance Expert at Moneyfacts explained “There have also been a few products withdrawn from the market, but not a mass exit. These fluctuations resulted in a week-on-week rise to the average two and five-year fixed mortgage rates”.
The prominent brands to cut selected fixed rates this week included TSB by up to 0.55%, Halifax by up to 0.53%, Virgin Money by up to 0.40% and Barclays Mortgage by up to 0.30% on selected five-year fixed deals, but also increases of up to 0.30% on two-year fixed deals.
Not to go unnoticed, MPowered Mortgages made cuts of up to 0.20% but also added some 0.30% cashback deals to its range.
Building Societies continued to dominate activity in the market this week, the brands to make selected cuts to fixed rates included Vernon Building Society by up to 0.91%, Bath Building Society by up to 0.60%, Cumberland Building Society by up to 0.50%.
Principality Building Society by up to 0.45% but also increases of up to 0.08%, Cambridge Building Society by up to 0.40%, Leek Building Society by up to 0.35%, West Brom Building Society by up to 0.26%.
Coventry Building Society by up to 0.15%, but also increases of up to 0.10%, Skipton Building Society by up to 0.10% and Suffolk Building Society made cuts of up to 0.26% on selected fixed deals at 95% loan-to-value.
A few of the lenders to increase their selected fixed rates included Nationwide Building Society by up to 0.30%, LendInvest Mortgages by up to a notable 0.55% and Yorkshire Building Society by up to 0.30%.
Springall added: “Some eye-catching deals also surfaced this week, including a three-year fixed deal from West Brom Building Society, priced at 5.33% and available at 95% loan-to-value for house purchase customers, it carries a free valuation and charges a £499 product fee.
“We have started to see some lenders increase selected fixed rates, but the vast majority of lenders have been making cuts. Regardless, these overall movements have impacted the overall average mortgage rates”.
