Cheap Mortgage Deals availble if you look
Cheap Mortgage Deals availble if you look
20th December 2010-12-20
Cheap Mortgage Deals available as base rate not likely to rise
The base rate of just 0.5% will not be rising soon so say the Bank of England.
If the Bank of England raised the base rate there would be problems according to a recent speech by the Lib Dems according to the UK Business secretary Vince Cable and also said that the majority of the decision makers at the Bank would not be supporting a rise.
It is said once again that the current inflation we have in England is mostly imported and that and putting up interest rates would not be the answer in dealing with inflation.
Probably until 2012 the base rate is more than likely to stay low while the head of economic and market analysis at Nationwide, said the Bank of England is more concerned with growth than inflation, meaning and that the base rate will not increase in 2011, so shop around for cheap mortgage deals.
It does seem that everyone is in agreement that when the base rate does eventually begin to rise it is going to move slowly.
However, everyone must realise that when interest rates do eventually start to rise, a lot of people will probably find themselves struggling to pay their mortgages.
You can get cheap mortgage deals now but make sure you can keep up the payments in a few years from now.
An offer of a FEE FREE Mortgage from the Post Office
Could this be the best for cheap mortgage deals?
To help those who want to save on those upfront fees, the post office has waived its 995 fee to 0 in exchange for a higher rate on some of their mortgages.
Relatively new to the mortgage market, the Post Office has made a variety of changes and has adjusted both its residential mortgages and its buy to let interest rates.
It is offering a 0 arrangement fee, its homebuyer fee saver option and a free standard legal fee for people who are remortgaging.
Aimed at landlords, the post office has also offered a sliding fee scale with lower rates for a higher fee or a higher fee for lower rates so a borrower can go for a lower rate of interest on a 3 year fixed and pay a fee of 2.5% and this can be added to the actual loan.
The post office has also capped its term tracker loan or lifetime option 65% for borrowers with the flexibility to take a rate that moves in line with the Bank of England Base Rate.
The Abbey launches its own offset deal and also cut its rate.
There are a variety of products that when bought through a mortgage adviser it is possible to take out a Flexi Offset mortgage and the product fee can be rolled into the loan.
One of the Flexi Offset ranges includes a homebuyer product with a rate of 3.39% and a 1250 fee.
They are also set to cut the rates on a variety of its mortgage products such as a two-year tracker at 70% LTV (loan to value) for homebuyers now with a 99 fee and 2.85% plus a reduced rate of 0.11% on a 2 year fix for homebuyers at 75% LTV, now 3.42% with a 1% fee.
Homebuyer Solution offers a free basic mortgage valuation and 250 cash back on completion.
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