Average mortgage rates are up across the board, according to Rightmove.
In its latest mortgage tracker, the property portal noted that the average five-year fixed mortgage rate is now 4.84%, up from 4.61% a year ago.
Two-year fixed mortgage rates are now an average of 5.22%, up from 4.99% a year ago.
Borrowers with a modest 15% deposit have seen in rise in the cost of 85% mortgages, from 4.63% 12 months ago to 4.78%, said Rightmove.
There’s also been an increase in rates for those with a large 40% deposit. The average 60% loan-to-value (LTV) five-year fixed mortgage rate is now 4.37%, up from 4.29% a year ago.
Monthly payments move up
The increases take the average monthly mortgage payment on a typical first-time buyer property to £1,093 per month, up from £1,069 per month a year ago (based on an average five-year fixed, 85% LTV mortgage).
Uswitch also released a mortgage rate update this week, which highlighted rises across the biggest lenders.
The comparison site noted stable or rising rates across different lending tiers from the UK’s six largest lenders, over the last week and the last month.
It said average two-year fixed rates for those with a 25% deposit are now 4.97%, while five-year deals crept up to 4.63%.
Across the whole lending market, it found a tiny reduction in average rates to 5.73% for a two-year fixed rate and 5.24% for a five-year fix, up to 75% of the property’s value.
Kellie Steed, Uswitch spokesperson, said: “With most of the major mortgage lenders raising both their two- and five-year fixed-rate deals ahead of the announcement next week, it seems that perhaps they’re not confident that we’ll see a reduction in the BoE base rate this time around.
“With the volatility of rates in recent times, NatWest have recently pledged to provide brokers with 24 hours notice of future rate changes where possible. While not a guarantee, and they have stated that rates could still be pulled without prior warning, it’s hoped that this intent is soon echoed by other lenders.”
