According to research from the Mortgage Advice Bureau, fixed rate mortgages are reaching record levels of popularity. In fact, during September 2015, 96% of homebuyers opted for a fixed rate deal. This was reported on the What Mortgage Website on 28th October 2015*.
The report from the Mortgage Advice Bureau also revealed that the total number of mortgage products on the market also reached record levels in September. In total, there were 16,465 products available, which is a rise of 4% from August.
What this means for home buyers and home movers
Adam Nanson from Your Mortgage Expert comments:
“We are finding that lots of home buyers and home movers are looking for fixed rate mortgages at the moment as they are seeking to take advantage of the low interest rates while they are still available.
“There has been a great deal of speculation about when the base rate may rise. Latest predictions** are that it will probably be April 2016. As a result, homeowners are rushing to fix their mortgage deals before they have to pay more.
“We are starting to see that lenders are increasing their rates. In, fact, the average two-year fixed rate rose from 2.68% in August to 2.72% in September, for the first time in 12 months*. It would therefore be prudent for homeowners and buy-to-let investors to fix their mortgages to avoid missing out on the mortgage deals that are currently on the market.
How Your Mortgage Expert can 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 appropriate 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 about your next mortgage, ring him now on 01722 322683 or complete a contact us form and let him know when he can 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 does not constitute advice. TenetLime cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.
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.
*source: What Mortgage Website, 28th October 2015
**source: The Telegraph, 26th August 2015