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Fixed rate mortgages set to rise in price

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Predictions for the future of interest rates have shifted, despite the Bank of England decision to retain the 4.5 per cent level for the ninth consecutive month. The monetary policy committee took the decision last week, but city experts and traders are predicting an interest rate rise. For potential mortgage borrowers, this means an increase in the price of fixed-rate mortgages .

Borrowers who are looking for a low fixed-rate deal, which does offer the security of exact monthly payments and therefore the ability to budget more easily, will have to move fast to get a low rate .

The changes are already evident amongst leading lenders, many of whom have taken their fixed-rate deals off the market . Abbey have already announced higher rates. Both Nationwide and Halifax are expected to pull their fixed-rate mortgages from the market this week. Other lending companies such as Scottish Widows, Bank of Scotland, Leeds, Yorkshire, Nottingham and Swindon Building Societies all pulled their products last week or before.

The fresh predictions contradict those of the start of the year, with a rate rise expected by the end of the year. The long-term outlook remains stable however, despite the likelihood that fixed-rate mortgages will increase in price.

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