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[quote][i]Originally posted by richardworrall[/i] Homeowners facing increased mortgage repayments following the shock bank rate rise have been hit by a double whammy - with lenders pulling the plug on the best fixed rates. GOING GOING GONE: Lenders have pulled the plug on the best fixed rates So far, 12 lenders – mainly building societies - have either axed top fixed rate deals or removed all their fixed rates from offer without giving any replacements, according to financial data specialist Moneyfacts.co.uk. Lenders' motives in halting the sale of their best fixed rate deals so swiftly have been questioned by Moneyfacts, which has suggested they are seeking to profit from the chance to raise rates. Julia Harris, mortgage analyst at the group, said: 'So has there been a flurry of customers snapping up these 'cheap' deals, causing the societies to exhaust their tranches of fixed rate funds? Or could it be an opportunity to reprice, allowing a larger profit margin? 'With a further rate rise still on the cards for 2007, those consumers on a tight budget will need to act quickly before more of the current best buy fixed rate deals vanish. 'The next few months will be an interesting time in the mortgage market. We could see short term fixed rates of under 5% vanish, or alternatively see associated arrangement/product fees increased in an attempt to keep them low, as lenders are forced to buy their funds at the now much higher rate offered by the money markets.' The biggest name to pull the plug on fixed rates is Portman Building Society, which according to Moneyfacts halted the sale of its entire range yesterday, pending new rates. Portman was offering two of the better deals on the market, a 4.83% two-year fixed rate with a £999 fee and a 4.99% two-year fixed rate with a £499 fee. Internet bank Egg axed its best buy 4.74% two-year fixed rate, while Kent Reliance stopped its three, five and ten-year fixes. Mortgage experts have warned those looking for a new homeloan to act quickly if they want the best deals. Louise Cuming, head of mortgages at Moneysupermarket.com, said: 'My advice, if you will not incur a penalty to switch mortgage products, is to shop around urgently, especially if you are paying the lender's standard variable rate of around seven per cent. In the first instance borrowers should approach their existing lender to see if they can transfer onto a more competitive rate. 'Where possible, those with a mortgage likely to be affected by this rate rise and who fear they will struggle with any further increases in payments should consider remortgaging to a better or fixed rate product.' Lenders who have pulled some or all fixed rates • Barnsley BS, Cumberland BS, Egg, Kent Reliance, Mansfield BS, Newbury BS, Portman BS, Progressive BS, Saffron BS, Skipton BS, Stroud & Swindon BS, Tipton & Coseley BS. [Edited on 16-01-2007 by richardworrall] [/quote]
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