Anyone seeking a new mortgage deal should get their skates on because fixed rates are set to go back up.
Homeowners have benefited from a price war between lenders over the past two months after a cut in the Bank of England base rate in August and fierce competition drove down rates. The lowest two-year fixed rate fell from 4.76 per cent in August to 3.84 per cent at the beginning of October, shaving £103 a month off repayments on a £200,000 25-year loan. The lowest five-year fixed rate fell from 3.97 per cent to 3.68 per cent.
But it looks like the price drops are over: some lenders have started going the other way. Coventry Building Society put up its fixed rates twice in
