Woolwich are repricing their 5 year fixed rates today, upwards from 4.29% to 4.79%.

This is consistant with a trend since Christmas when all the press was saying ‘Now’s the time to fix’ and so there has been a bit of rush. In times of ‘rush’ the lenders reprice upwards to boost their profits.

This move takes Woolwich out of the market for the time being, there are plenty of products at 4.5% ish and one still at 4.05% if you have enough equity, however, there is a cascading effect happening and the new ‘top of the table’ lender will start to creak at the joints as every broker sends in new clients and once they are full to bursting, they’ll reprice upwards…and so on, until the higher prices dampen enthusiasm.

So, probably no point hoping that they’ll edge back down below 4%…if you want to look at long term fixed rate, it looks like now is a good time, although not as good as 6 weeks ago…

Hmm, disclaimers for the 21st century ‘it’s your fault’ culture.

1. My ‘predicting the future’ skills are just as limited as the next man, this is my ‘opinion’ not my knowledge of future fact.
2. I can’t time travel
3. I am not savant.