December's cut in interest rates has had no effect on fixed-rate mortgage deals, with the average fixed-rate actually rising by 0.01%, according to Moneysupermarket.com.
The news follows a call from Prime Minister Gordon Brown for lenders to lower their standard variable rates (SVR) in line with changes to the base rate.
Moneysupermarket.com figures show the average cost of a fixed-rate mortgage was 7.3% in early December last year, but has now risen to 7.31%, despite the base rate falling 0.25%.
Moneysupermarket.com says the Government is likely to put further pressure on lenders to react to base rate changes, as around 70% of new mortgages are fixed-rate deals, compared with a tiny percentage of SVR mortgages.
Louise Cuming, head of mortgages at Moneysupermarket.com, says: “Our data shows, on average, unless you are a low-risk borrower, a new fixed-rate mortgage will cost you more. I shudder to think what would have happened to the average fixed-rate mortgage if the Bank of England hadn't cut rates.
“Many homeowners who waited until after the interest rate cut to get a fixed-rate deal will be worse off, much to their annoyance.”
Last week, the Prime Minister criticised banks and building societies for failing to reduce their SVRs as quickly as they raise them in response to base rate changes.
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