Tis' The Season For Lower Mortgage Rates
If you currently are on a fixed rate mortgage deal act now to grab some sensational fixed rate mortgage deals.
Speculation on interest rates and the sluggish market due to the uncertainty over Brexit means that lenders are cutting prices, even ahead of expected interest rate cuts by the Monetary Policy Committee. Now is the perfect time to contact your local independent mortgage adviser to see how much you can benefit from the current competition.
How The Current Mortgage Market Benefits You
The Bank of England’s Monetary Policy Committee, meeting on the 6th November 2019 voted 7-2 to keep interest rates unchanged last week. The interesting part is that the dissenting two voted for an immediate rate cut. This will be interesting to watch over the next few weeks.
As a result of all this talk around rate cuts, we are seeing some incredibly low rates, with Virgin Money launching a 5-year fixed-rate at just 1.46%, (3.50% APRC) to 65% LTV with free legals and valuation for remortgages.
Not wanting to be left behind the high street’s biggest lender, Halifax, has released a stunning 1.44%, (3.17% APRC) 5-Year fixed rate up to 60% Loan-To-Value. They also now have a variable tracker rate product priced at 0.98%, (3.69% APRC).
There are 12 lenders with 5-year offerings below 1.6% , and even 10-year fixes are reaching an extraordinary level now, for example the Coventry Building Society at 2.2%, (3.09% APRC).
Overall then, for standard residential mortgages, borrowers can obtain 2-year fixes at 1.05%, (3.74% APRC) and 5-year fixes from 1.44%, (3.20% APRC) whilst variable tracker rates are around from 0.98%, (3.71% APRC).
Those looking for a Buy-To-Let can obtain products from just 1.35%, (4.69% APRC) for a 2-year fixed or 5-year fixes are available from 1.74% (3.68% APRC).
Next Steps To Take Advantage Of Rate Improvements
Get out details of your current mortgage, and call Morgans Mortgages for an initial conversation, free of charge.
We will review your current mortgage deal, along with your personal circumstances and objectives to understand how to best advise you.
We will make a recommendation, and if accepted, will deal with all of the paperwork for you. Potentially cutting the monthly cost of your mortgage, allowing you to borrow more for the same cost as your previous deal, or reducing the term of your mortgage at no extra cost.
Posted Wednesday December 18, 2019