Matthew Wyles, Portman Building Societys Group Development Director, said: Swap rates, which drive fixed rate mortgage pricing, have risen relentlessly during the last few weeks. In recent days the five-year swap smashed through the psychological barrier of 5 per cent.
Clearly, the markets think that the next base rate move will be up. Unless swap prices rebound quite quickly, this has to lead to a general increase in fixed rate product pricing. This, in turn, will make variable rates look very attractive.
Portman is repricing its fixed rate products and launching a two-year discount mortgage at 4.19 per cent. Portman also has a Bank Base Rate Tracker mortgage at 4.29 per cent.
Portmans fixed rate mortgages start at 4.49 per cent for a two-year fix, rising to 4.95 per cent for a five-year fix.
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