This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Cookie Policy. Read more

Bad news for fixed rate mortgage deals

28 March 2003
The Woolwich, and the National Counties and Lambeth Building Societies, have pulled a number of current fixed rate mortgage deals.

A sharp rise in money market rates has seen the companies forced to increase rates.

The Woolwich it means that the 3.59 per cent, 2-year fix recently on offer will now rise to 3.99 per cent.

The move is to be expected after 2-year swap rates - the rate at which lenders borrow money - rose by 0.7 per cent.

With the Woolwich's latest deal selling out quickly, the mortgage bank has been forced into introducing new fixed rate deals this week with a higher tariff.

If money market rates continue the current trend other lenders are expected to follow suit.