A survey by Paragon has found that fixed rate mortgages are falling in number when compared to tracker mortages (i.e. those that go up and down in line with Bank of England base rates).
The results showed that in the first three months fixed rates fell to 29% of total lending compared to 33% the three months before. Whereas Base Rate trackers were up in the same period to neraly 40%.
Our View
Interest rates have gone up and are expected to continue to rise. It is no surprise that lenders are withdrawing their fixed rates.