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Struggling mortgage holders `should seek advice` Remortgage enquiries `rise in June` Mortgage approvals `up in June` UK mortgage market remains weak, CML says Consumers `should avoid lying on mortgage applications` BoE releases Trends in Lending report Brits `prioritising debt repayment` "Sensible lending" needs to be restored for home buying Many households `to miss mortgage payments` Homeowners `increasingly paying off mortgage debt` Booklet produced for those facing mortgage repayment problems Local authority defends decision to offer 100% mortgages Mortgage lending levels `still low` CML welcomes campaign on repossessions Consumers `increasingly offsetting savings against mortgages` Banks `should be encouraged to provide more mortgages` Younger and richer people `benefiting more from mortgage reductions` Bank of England cuts base rate Negative equity `concerning UK mortgage holders` Interest rate cuts `were not anticipated by consumers`

Fixed-rate mortgage prices `highest in 10 years`

17/06/2008

The average price of two-year fixed-rate mortgages has reached 6.75 per cent – the highest in ten years, research from Moneyfacts has stated.

A five-year fixed-rate mortgage now has an average 6.72 per cent rate of interest.

Independent finance information provider Moneyfacts blamed the increase of swap rates to 6.49 per cent on "the curse of Friday 13th".

Fixed-rate deals are often preferable to mortgage and remortgage customers but Moneyfacts predict the increases will be too high, seeing borrowers choose a loan based on their lenders` standard variable rate (SVR) rather than a mortgage deal.
"The situation is likely to get worse before it gets better," said Moneyfacts.
However, loans based on SVRs may be cheaper. ING Direct offer an SVR of 5.64 per cent, and loans with smaller building societies Stafford Railway, Harpenden and Newbury may be good value.
Yesterday Nationwide announced increases of between 0.25 and 0.5 per cent on its mortgage and remortgage deals, a month after cutting some rates by 0.3 per cent.

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