John Charcol has warned that the recent rise in swap rates will be 'the straw that breaks the camel's back' - forcing lenders to increase the cost of their fixed rate mortgages over the coming days.
Ray Boulger, senior technical manager at John Charcol, advised borrowers to move quickly to secure current deals as the current recovery in the housing market may wobble if interest rates continue to rise.
He comments: "The message for borrowers wanting to take a fixed rate is clear; get in now or miss out on the current relatively low rates."
Boulger adds there was still comfort for borrowers looking for a tracker rate as lenders had no reason to increase tracker rates yet.
"However, lenders with particularly competitive tracker rates may still increase them if they want to reduce the volume of applications they receive. For example, Woolwich is increasing the cost of one of its trackers by 0.5%."
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