Record Lows for Mortgage Rates
Record Lows for Mortgage Rates
Record Lows for Mortgage RatesDuring the month of October, mortgage rates carried on falling, according to figures recently released by the Bank of England.
For those able to stump up a 25% deposit, a two-year fixed rate of 3.72% was the best reward on offer and for borrowers fixing for five years, the average fixed rate hit a five-year low of 4.85%. And Tracker averages fell for the third month in a row to 3.5%; another record low.
Increased competition between mortgage lenders is said to be the reason behind the record low rates as they attempt to get borrowers away from their standard variable rates (SVRs).
More Reasons toRe-Mortgage
Moneyfacts.co.uk spokeswoman Michelle Slade said: "We are seeing a bit more competition back in the market as lenders want to do more lending. They are trying to kick-start the remortgage market. Many people are on low SVRs and have no reason to move."
Best Mortgage Deals
Borrowers seeking the best deals are advised to takewhole of market mortgage advice from a broker who is not tied to any one or a panel of mortgage lenders. Mortgage brokers have access to deals that won't be advertised on the high street or on any comparison websites and they'll also make sure you see through any glossy sales pitch too by explaining the pros and cons of all the offers in front of you.
If you want thebest mortgage deal that will save you money in the long term, talk to a whole of market mortgage adviser today.
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.