Average mortgage rates for two-year fixed, five-year fixed and two-year trackers have risen this month, figures from Moneysupermarket reveal.
The average two-year fixed rate has risen to 4.15% up from 3.82% in October 2011. The increase means a difference of £327.72 per year for repayments based on a £150,000 mortgage.
Similarly five-year fixed rates hit a low in January with an average rate of 4.57% but this has crept up to 4.72% adding an extra £153.72 over the course of a year.
The average rate for two-year trackers now stands at 3.63% up from its lowest level in August 2011 at 3.37%, hitting borrowers with an extra £250.92 over the year.
Coupled with the recent standard variable rate hikes by lenders which come into effect in May, comparison site Moneysupermarket urged borrowers to check their mortgage arrangements. It estimated that approximately one million customers would be affected by the increases announced by providers.
Clare Francis, mortgage spokeswoman at Moneysupermarket.com, said: “Mortgage rates are nudging upwards so anyone looking for a mortgage or whose mortgage deal will end in the next few months should act sooner rather than later to secure one of the current rates in case they rise further.
David Sansome, Managing Director at Sansome & George agreed saying: "There are still opportunities for those looking for a mortgage loan to buy, remortgage or acquire a buy-to-let investment to secure a loan on outstanding terms. Our mortgage advisers have access to the whole mortgage market and will be pleased to advise."
