More mortgages at ever lower rates – so is now the time for a long term fix?
Posted on 21 June 2017 by
In an uncertain world with snap elections, coalition government, Brexit negotiations and Trump, there is a real possibility that anything can, and usually does happen. So how can anyone plan for the future?
One constant that everyone with a mortgage has to plan for is their monthly mortgage payment. So, with so much uncertainty there has never been a better time to consider a long term fixed rate and be certain how much your mortgage payments will be each month.
With average rates heading towards the end of their downward spiral and the overall number of products edging ever upwards, longer term fixed rates have never been so attractive.
With such an increase in the availability of residential mortgages and ever lower rates, it’s clear that competition in the mortgage market to attract borrowers is the fiercest it’s been for some time. Indeed lenders are under pressure to take market share from their competitors, which creates the perfect recipe for consumers to take advantage of their cut throat pricing. Current ‘best in class’ remortgage options include Tesco’s 5 year fixed rate at 1.68%* and, for those looking at a longer fix, the Coventry’s 2.39%** for a 10 year fixed rate deal.
Current Mortgage Products Available:
|March 2008||May 2016||November 2016||April 2017||May 2017|
|Number of mortgage products:||6,192||3,611||4,162||4,341||4,460|
More products on the market with ever lower rates means more options to choose from. That can potentially lead to more confusion for consumers. Therefore it has never been more important to seek expert advice from an independent broker to ensure you get the best deal for your needs and circumstances. While the rate is an important factor it is not the only consideration – lenders are trying to lure you in with ever increasingly inventive options. A good mortgage broker can identify what the best deal for you actually is, helping you navigate options, the small print, fees and early repayment charges that could come back and cause problems at a later date.
For more information on fixed rate mortgage deals or to speak with our experts about your existing mortgage rate call us now on 0344 346 3672 or enquire here
*1.68% 5 year fixed rate as illustrated below:
**2.39% 10 year fixed rate as illustrated below:
The blog postings on this site solely reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.