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Two-year fixed mortgage rates edge up further

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Written by: Lana Clements
18/09/2020
Product fees and interest rates are rising as mortgage availability contracts
Two-year fixed mortgage rates edge up further

Average two-year fixed mortgage rates have crept up again this week, analysis has showed.

The typical rate now stands at 2.33 per cent as prices have edged up from a low of 1.97 per cent seen at the end of June, according to Moneyfacts.co.uk.

The website recently said that two-year rates increased by 0.16 per cent in the space of just a month, which is the fastest rise seen since 2009.

In the last week alone, the average rate has risen from 2.29 per cent.

Rate rises come as product availability contracts, with lenders removing hundreds of deals from the market in recent months.

At the same time, product fees are rising to sit at £1,031 – the highest level since February 2013.

Moneyfacts recently said borrowers should consider locking into a deal sooner rather than later amid the current trends.

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