Housing Solicitors

Figures from online publisher Moneyfacts reveal that high street lenders have increased some of their mortgage rates – with an average two-year fixed rate mortgage with a 40% deposit rising from 1.81 per cent in June to 1.86 per cent in July.

Bank of England Governor Mark Carney has hinted that interest rates may start to rise again at the end of this year – meaning homebuyers will have to seek out a deal sooner rather than later or incur higher mortgage repayment rates.

Moneyfacts researchers also found that for a five-year fixed rate, the average rate had increased from 2.54% to 2.59%.

The increases represent the first rate rises in the last year – and signal that rates may start rising again soon.

The website is warning homeowners that if they are repaying a mortgage on their lenders’ default rate – known as the standard variable rate – or their fixed-rate deal is coming to an end, they “should act fast to secure lower monthly repayments in the future”.

Moneyfacts spokeswoman Charlotte Nelson said:

“Rates have been consistently falling month after month – but those cuts are getting smaller and less frequent.

“Since Mark Carney’s speech on July 14, we have seen providers prepare for the inevitable – with many opting to increase selected rates in their range.

“This is a warning sign of what is coming across the market. Banks are finally starting to tinker with their rates.”

Duncan Lewis Housing & Property Solicitors

Duncan Lewis housing and property solicitors offer homebuyers competitively priced conveyancing services, including guiding first-time buyers through the conveyancing process.

Duncan Lewis can also advise on debt management and mortgage repossession – as well as buy-to-let and right-to-buy.

For expert legal advice on property and housing matters, call Duncan Lewis housing solicitors on 020 7923 4020.