Our prediction that fixed rates would cease to exist this year is proving quite accurate, at the time we took quite a beating for making such a ‘drastic’ call in our Mortgage Market Trend Outlook report.
So far, PTsb have removed them and now Haven (and likely EBS) are set to do the same. We received notice today (see below)
The concern from a borrowers perspective is that we are getting to a point where you can’t fix a mortgage and you will be forced to ride the rate hikes that banks come up with including any that come from the ECB.
HAVEN FIXED RATE UPDATE
Due to ongoing increases in the cost of funds we will be temporarily withdrawing both new and existing business mortgage fixed rates. Significant movements on financial markets have resulted in fixed rates which would not deliver value to customers at this time. This position will, of course, remain under constant review.
New business loan offers will be honoured until close of business Monday …