References

  • November 2017: For the first time in more than 10 years, the Bank of England has raised interest rates. (source)

  • The vast majority of new mortgage loans - 94% - are on fixed interest rates, typically for two or five years. Currently half of all outstanding loans are on fixed rates, equating to around 4.5 million households (source)

  • Of the 8.2 million households with a mortgage, 3.7 million - or 46% - are on either a standard variable rate or a tracker rate - which generally move with the official bank rate. (source)

  • Almost four million households face higher mortgage interest payments after the rise (source)

  • The Bank estimates that almost two million mortgage holders have not experienced an interest rate rise since taking out a mortgage. (source)

  • The average outstanding balance is £89,000 which would see payments increase by about £12 a month, according to UK Finance. (source)

  • A record number of remortgagers took out five-year fixed rates in August as borrowers looked to head off a potential rise in interest rates. The proportion opting for a five-year fixed rate climbed from 37 per cent to 39 per cent during the month, according to conveyancing service provider LMS. It came amid an 11 per cent jump in remortgager numbers, which took the total number to 41,497 – the highest since January. (source)

  • Some 42 per cent of homeowners remortgaging opted for a five-year fix last month, which compares to only nine per cent of all those remortgaging previously having a longer-term deal. (source)

  • Three quarters (76%) of brokers reported more demand for 5-year fixes in the first six months of the year, while seven in 10 (69%) lenders said the same. (source)

  • Competitors: Skipton Building Society is tomorrow launching two new seven-year fixed rate residential mortgages. The lender last offered seven-year fixes in January 2015. It stopped selling them because demand had shifted towards shorter-term fixes. (source)

  • Over the next six months, £130bn of product cessations are due, and next year the figure is estimated at £220bn, so there is plenty of activity still to come. (source)

  • Metro Bank has announced that it has lowered rates across its five-year fixed rate range for mortgages up to £2 million. (source)

  • LSL Group has announced two exclusive five-year fixed rate products with Leeds Building Society. (source)