Two-year mortgage rates hit record lows

Latest data from Moneyfacts shows that two-year mortgage rates have hit record lows. Driven by the increasing competition amongst lenders, the data shows that the average two-year fixed rate has fallen from 2.55% to 2.26% during the last year*.

What this means for home buyers and owners

Adam Nanson from Your Mortgage Expert comments:

“We have been talking about low interest rates for some time, while the Bank of England Base rate remains low and lenders compete for business. It means that clients remortgaging have often been saving money on their monthly bills.

“However, whether the Bank of England raise the base rate or not, realistically, mortgage rates can’t get any lower. And, it may only be a matter of time before they go back up. It may, therefore, be a prudent time to look at your mortgage to see whether switching to a new deal could save you money.”

How Your Mortgage Expert can help

Adam Nanson continues:

“The main reason we find for people not remortgaging to a new deal is that they simply don’t have time and think it will be a lot of hassle. However, if a new deal could save you money, it might be a good time to speak to an independent mortgage broker like Your Mortgage Expert who can help take the time and stress out of switching your mortgage.

“We can research the market to find all the current deals and can make the most appropriate recommendation for you based on your circumstances. Some of the deals we have access to may only be available through independent mortgage advisers like us. And, if it doesn’t make financial sense for you to switch your mortgage deal, we’ll let you know. Or, if switching to a new deal with your existing provider is also appropriate, we can help facilitate that too.”

Your Mortgage Expert has produced a handy guide for remortgaging your property. Read their 5 top remortgage tips here.

To speak to Your Mortgage Expert about remortgaging your property, call them now on 01722 322683 or complete a contact us form and let them know when they 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 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.

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.

YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.

Please note, by clicking on the link below 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.

*Source: https://www.whatmortgage.co.uk/news/two-year-mortgage-rates-hit-record-lows-competition-lenders-heats/