Welcome to the Friday Five! Each week we’ll provide five quick tips about a different topic of interest. Interested in seeing a particular subject discussed? Send an email with your FAQ to [email protected]
This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Moving house? Investing in a buy to let property? Want to save money?
These are all reasons why you may be looking at mortgages right now.
Last week, the Bank of England announced they would be raising the base rate from 0.50% to 0.75% – the highest in over a decade. Experts predicted at least two hikes this year, so many had been preparing for the inevitability and the impact of this announcement can already be seen in the interest rates.
Lenders’ rates are already increasing to reflect this.
Are you on a SVR or Tracker?
Those on a Tracker or Standard Variable rate (SVR) mortgage know their rates are dependent on the BoE base rate, so to fully understand the effect the rise will have on you, be sure to work out your new payments as soon as possible so you can plan accordingly.
Nevertheless, there are still low rates on the market, particularly for doctors and dentists that generally have good income levels and money to invest as a good deposit.
Here are 5 of this week’s best mortgage rates for your consideration. Remember, the best way to see how much money you can save is to speak to a mortgage broker.
(1) For property investors with a moderate deposit
- Fixed – Buy-to-let 75% LTV (2 year)
- Rate of interest 1.75%
(2) For saving money by remortgaging
- Fixed – 65% LTV (2 year)
- Rate of interest 1.44%
(3) For first time buyers with a small deposit
- Fixed – 85% LTV (2 year)
- Rate of interest 1.59%
(4) For long term assurance of low monthly payments
- Fixed – 65% LTV (10 year)
- Rate of interest 2.49%
(5) For mid term assurance of low monthly payments
- Fixed – 65% LTV (5 year)
- Rate of interest 1.94%
When searching for a mortgage, the goal should always be to secure the best rate available, no matter what your circumstances may be.
To that effect, we bring you weekly rate updates every Monday. So whether you’re remortgaging your current home, getting onto the property ladder, or starting your own buy-to-let business – we’re here to help you get the best deal on the market.