Buyers urged to secure mortgage deals ahead of another rise

Buyers are being urged to secure a mortgage deal as soon as possible before rates go up again.
Average percentages are hovering above the 3% mark for fixed rates, double what they were at the beginning of the year.
According to data from the Bank of England UK mortgage rates rose at their fastest rate for a decade in the six months to May.
In June, the Bank raised interest rates from 1% to 1.25%. Many lenders have already passed this increase on to their customers and it is unlikely to be the last rate rise this year.
House prices are still on the up with the latest ONS UK House Price Index showing growth reached 12.8% in May, up from 11.9% in April. The average UK house price was £283,000 in May, £32,000 higher than this time last year.
With the added pressures of the increase in inflation, fuel, food and energy prices, there are huge implications for those who want to buy a property.
Indeed, a recent study by the Yorkshire Building Society suggests many buyers are being put off investing in bricks and mortar as a result of the cost of living crisis.
The report suggests 33% of first time buyers say this was a leading barrier to buying a home.
Of the 1,750 of those surveyed, 24% said the cost of a home was the biggest issue facing them when buying a home.
Mortgage and protection advisor at The Mortgage Branch, Cheryl Jones, said it was important any buyers wanting to secure the best deal should act now but get professional advice.
She said: “We have seen increases in the price of fixed rate mortgages over the past few months so it is a good idea for anyone keen to buy, to lock in a deal sooner rather than later.
“Even those currently on fixed rates should check when the deal comes to an end. It may be financially better to switch now rather than wait until the end of the agreement in order to avoid a hefty increase in monthly payments.
“I think rates are likely to go up again and this means the mortgage rate is likely to as well.
“Thankfully there is a lot of specialised help out there to get people onto the property ladder and with the right deal for their circumstances. However, I would always recommend speaking to a professional as it can be quite confusing.”