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No more cheap fixed rate mortgages

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According to a new report by Citywire, fixed-rate mortgage loans in the 5 per cent region are becoming extremely scarce, if they haven�t vanished off the market entirely. The changes reflect Bank of England base rate increases by 0.25 per cent at the start of this year.

Apparently, Nationwide are the most recent lender to announce a series of new loan rates, set between 5.28 per cent and 5.88 per cent. The most competitive rate, 5.28 per cent for a two-year fix, carries an 899 pound arrangement fee.

John Sutherland, the marketing director at Nationwide, reportedly said: Money market rates have been rising steadily over the past few months and virtually every lender has been forced to launch new fixed rate products that reflect these higher costs. These fixed-rate Nationwide mortgage loans provide borrowers with flexibility during the deal period, as well as zero valuation fee or legal fee for remortgage customers.

The disappearance of 5 per cent fixed-rate mortgages has been anticipated since the hike in base interest rate . With further rate rises expected this year, and the need for lenders to almost instantly pass any increases on to their customers, many borrowers will be looking for a deal as soon as possible.

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