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"The Easy Way to Get Your Best UK Mortgage" |
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Interest Rate Update 7 December 2011 UK Interest Rate: 0.5% UK Interest Rates Forecast: Rates likely to remain low in 2012 Mortgage Lending Up In October – BoE Mortgage lending rose by £1.3bn in October, according to the latest figures from the Bank of England. The increase was more than double than the previous six-month average increase of £0.6bn. Within the total figure for lending secured on dwellings, the number of mortgages approved for house purchases showed the biggest increase, rising from 51,193 to 52,743. The number of approvals for remortgaging remained largely unchanged, slipping slightly from 34,996 in September to 34,666 in October. New Mortgage Rates Fall Slightly In October The average mortgage rate on a newly-agreed deal fell by 0.04% to 3.47% in October, according to the Bank of England. The average mortgage rate on outstanding mortgages rose by 0.02% to 3.38%. Mortgage Choice Biggest Since 2009 The number of mortgages on the market has reached its highest level since 2009, according to Moneyfacts. In mid-November, 3,054 prime residential mortgage deals were available to borrowers, up from 2,493 in November 2010. Mortgage rates remain competitive, with the average rate for a two-year fixed deal now sitting at 4.22%, down from 4.48% in November 2010. The number of 85% mortgage deals on the market has increased too, although the biggest choice is still reserved for borrowers with at least a 25% deposit. The only fly in the ointment is mortgage fees. According to Moneyfacts, the average mortgage fee is now £1,482 – a massive increase from one year ago, when the average fee was £907.
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UK Interest Rates Forecast and Predictions to 9/11/11
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