Customers hoping to secure their mortgage against prospective interest rate rises must pin down a fixed-rate deal as soon as possible, independent mortgage advisory firm John Charcol has urged.
Fixed-rate products became hugely popular in the aftermath of the third successive rise in interest rates last week, the Yorkshire Building Society confirmed, reporting a steep rise in the number of customers applying for five or ten-year fixed products over the weekend.
But many lenders are now withdrawing their fixed-rate offerings, heightening the pressure to buy fast, a survey from Moneyfacts.co.uk has shown.
Twelve lenders, including Portman Building Society, Skipton and Egg, have withdrawn some or all of their fixed-rate products since the rate announcement, Moneyfacts found.
John Charcol's product specialist, Katie Tucker, urged customers to buy fast: "Some lenders are still offering excellent fixed rates based on old money … the best of these deals are unlikely to last beyond the end of this week."
"If you are on your lender's SVR or if your existing mortgage deal is due to come to an end soon and you want a fixed rate, you should secure your new mortgage as soon as possible," she advised.
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