Mortgage rates reach record low levels
Latest Bank of England figures show there have been cuts to almost all types of mortgages*. This means that home owners looking for new mortgage deals could save money on their monthly repayments and those First Time Buyers struggling to get on the property ladder could get a helping hand.
The figures show that the average five-year fixed rate has dropped to below 3% and for those with a 25% deposit, two-year fixed rates have dropped below 2%. This means that home owners could be saving up to £1,400 a year on their average repayments on a typical £200,000 mortgage compared to this time last year.
What this means for borrowers
Adam Nanson, Managing Director of Your Mortgage Expert comments: “With lenders fighting it out to get your custom, there are lots of deals out there for savvy borrowers. Those looking to remortgage their property could make genuine savings by moving to a new lender with a more appropriate rate. And, First Time Buyers can get rates which could help them afford that first property of their dreams.
“It therefore really does pay for borrowers to do their research and ensure they are getting the most suitable mortgage deal for their circumstances.”
How can Your Mortgage Expert help
Your Mortgage Expert is whole of market and independent which means we know all the current deals on the market and can make the most suitable recommendation for you based on your circumstances. Some of the deals may only be available through independent advisers. So whether you’re looking for a fixed rate, variable rate or you’re a First Time Buyer, Your Mortgage Expert can review your circumstances and give you the most appropriate mortgage rate advice based on your affordability.
To speak to Adam Nanson for advice on mortgage rates, ring him now on 01722 322683 or complete a contact us form and he will call you back. We don’t charge for an initial consultation, so by speaking with us, you won’t be under any obligation. To find out more about our services and how we operate, visit our about us section.
The information contained within this article was correct at the time of publication. It is intended for information only and should not be used as a basis for purchasing any products. We cannot be held responsible for something that was correct at the time but subsequently changes or goes out of date. For further information, contact Your Mortgage Expert on 01722 322683.
Most forms of Buy to Let mortgage are not regulated by the Financial Conduct Authority.
Please be aware that from 6 April 2016 higher rates of Stamp Duty Land Tax will be applied to the purchase of additional residential and non-residential properties. For further information visit the Government website on the consultation. Please note, by clicking on the link you will be departing from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
By clicking on this link you will be departing from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site.