A rising trend in the cost of fixed long term mortgage deals means buyers should move fast if they want to secure favourable rates. Barclays have already raised their fixed seven and ten year offerings. The trend is due to rising swap rates, which govern the rates at which banks themselves pay interest. But experts say good five year rates are still available, and are the lowest they have been for years.

Key Takeaways:

• Borrowers who want to lock into longer-term fixed deals should move fast because lenders are raising interest rates
• building societies have been upping rates on five, seven and ten-year fixes
• It is doubtful whether in 2017 we will experience the kind of lows observed in 2016

“This week banks and building societies have been upping rates on five, seven and ten-year fixes.”

https://www.thetimes.co.uk/article/mortgage-rates-are-on-the-rise-blrx9dqqw