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The mortgage market is currently reeling from the highest interest rate increases in 14 years.
The average new two-year fixed rate – which was 4.74% on the day of the mini-budget – was at 5.75% on Monday 3rd October and has now reached 6.3%, according to the data firm Moneyfacts. Similarly, five-year fixed rates increased to an average of 6.19%.
While the number of mortgage products on the market has increased in recent days, there are still roughly a thousand fewer since the mini-budget announcement. On Monday morning there were only 2,905 mortgages on offer, down from the 3,961 on 23 September.
For those looking to re-mortgage, the best course of action will largely depend on when your current fixed deal ends. For those with deals of 18 months or less left, it is advisable to seek the expertise of a mortgage broker and consider your mortgage options now.
At 75point3 we have teamed up with one of our partner Estate Agents Dafydd Hardy to bring homeowners across North Wales the opportunity to answer your all important mortgage questions.
Head of lending, Mark Bonsall, will be hosting a Q&A at the Dafydd Hardy Colwyn Bay office on Saturday 22nd October from 10am – Midday.
Alternatively, you can contact our mortgage experts today by phone: 01492 877 299 or by email: email@example.com
The rates shown here are to illustrate the recent increase in mortgage interest rates only and do not represent a specific product rate that may be offered.
As a mortgage is secured against your home, it may be repossessed if you do not keep up the mortgage repayments.