Is this the end of low mortgage rates?

Over the last few days the Halifax, RBS and yesterday the Bank of Ireland have all announced increases to their mortgage interest rates, apparently due to the cost of their funding, together affecting a total of more than 1 Million people.

For example The Bank of Ireland have increased their Standard Variable Rate (SVR) from 2.99% to 4.49% ~ an increase of 1.5%

Some lenders have previously increased their rates. Currently some of the lenders with the highest SVRs include the Leeds Building Society at 5.69% and Chelsea Building Society at 5.79% ~ The end of low mortgage rates may already be here!

So What should you do?

If you are on a Variable Rate Mortgage you should speak to your Ablestoke Consultant as soon as possible, they will be able to help you decide whether now is the time to change your lender of to move to a Fixed Rate Mortgage

You need to act quickly as it is likely that other lenders will react over the next few days

Mortgage Risk Warning ~ Your home may be repossessed if you do not keep up repayments on your mortgage

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