Thursday, February 10, 2022

Lenders Pull Cheap Mortgages

Lenders have ended mortgages charging less than 1pc following the Bank of England's interest rate rise last week.

Fixed-rate deals priced below 1pc have now disappeared, down from a high of more than 130 mortgages in October last year, according to analyst Moneyfacts. 

The current cheapest two-year fixed rate now costs 1.39pc and means a borrower will pay £800 more in interest per year compared with a 0.99pc rate, on a £200,000 mortgage.

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