Mortgage rates rise for the first time in nine months

Average mortgage rates have risen for the first time since February, with financial information service Moneyfacts recording a month-on-month increase of 0.02%. This took the rate on an average two-year deal to 4.98%, while the average five-year mortgage has risen to 5.02%. The increase comes with lenders anticipating tax rises in next month's Budget, with it suggested that stamp duty may be replaced with an annual property tax while a capital gains tax on sales of homes worth £1.5m or more has also been mooted. Rachel Springall from Moneyfacts said: "Borrowers may well be disappointed to see fixed mortgage rates on the rise," adding: "Volatile swap rates and a cautionary approach among lenders have led to an abrupt halt in consecutive monthly average rate falls."  

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