UK Two-Year Fixed Mortgage Rates Higher Than 2008

by | Tuesday 11th Jul 2023 | Mortgage News

UK Two-Year Fixed Mortgage Rates

UK Two-Year Fixed Mortgage Rates (Source: Moneyfacts)

In a somewhat concerning development for prospective home buyers and existing borrowers, two-year fixed mortgage rates in the UK have climbed to their highest level since the 2008 financial crisis. Also surpassing the peak at the release of the mini-budget. Recent data from financial information provider Moneyfacts reveals that the average rate has surged to 6.66%, up from 6.63%. This increase has pushed the cost of two-year mortgages slightly above the peak of 6.65% reached last autumn, highlighting the challenges faced by borrowers in the current market. However, there is hope for those seeking a good rate, as Oportfolio mortgage advisors stand ready to provide expert guidance and assistance.

Rising UK Two-Year Fixed Mortgage Rates and Market Challenges

The mortgage market in the UK has witnessed a notable upward trend in interest rates recently, causing concerns among homebuyers and homeowners looking to remortgage. The average five-year fixed mortgage rate also experienced an increase, rising to 6.17%, the highest since October 2023, from 6.13% just a day prior.

Just this morning, mortgage lender Skipton announced that they would be increasing rates across their entire mortgage product range. Also removing selected 2-year and 5-year products that are currently on offer. Narrowing their lending and making borrowing more expensive.

Amidst this changing landscape, Oportfolio Mortgages can offer a ray of hope for borrowers seeking competitive mortgage rates and tailored solutions. With their extensive knowledge and experience, Oportfolio’s advisors work closely with clients, providing personalized guidance to navigate the complex mortgage market and secure the most suitable options available.

Market Expertise and Tailored Solutions From Experienced Mortgage Advisors

Oportfolio’s team of mortgage advisors understand the intricacies of the market and remain up to date with the latest trends, helping borrowers make informed decisions. How do they do this? They carefully analyse each client’s unique financial circumstances and aspirations, ensuring that their mortgage options are aligned with their long-term goals. By utilising their expertise, Oportfolio advisors strive to find the best possible rates for their clients, even amidst challenging market conditions.

Access to Diverse Lenders and Mortgage Products

One of the key advantages of working with Oportfolio is our extensive network of lenders. Being part of the wider PRIMIS mortgage network, we have connections that allow borrowers to access a wide range of mortgage products, including exclusive deals not available on the high street. By exploring various options, Oportfolio advisors can identify competitive rates and terms that may not be readily apparent to borrowers who search on their own.

Monitoring Market Changes and Timing

As UK Two-Year Fixed Mortgage Rates soar to the highest levels since 2008, getting mortgage advice should be an absolute priority for anyone who owns a property already or anyone we is looking to buy. Don’t try and navigate the rates on your own, speak to a professional mortgage advisor to help you to achieve your mortgage dreams. Call or email our advisors today for a fee free initial mortgage consultation. We are here to help.

We're Here to Help

If you have any questions about UK mortgage news or or anything you’ve read then please get in touch. We’d love to hear from you.

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