Topical Mortgage News and Rates
This month, Independent Mortgage Adviser, Chris, discusses how you should be looking to get the best of both worlds; low rates are important when selecting a mortgage but so are low fees. Read more, including this month’s BEST RATES, here.
This does not constitute advice and advice should be sought in all instances before acting on it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Getting a low rate for your home mortgage
Most homeowners have been able to save, in some cases quite large amounts, on their monthly mortgage payment, due to the low interest rates of the last few years. By locking-in a low fixed rate of interest, you can get the reassurance of a regular, low monthly payment, which can put you in a better position, financially.
- Some people have managed to halve their monthly outgoing, whilst keeping the duration of the loan the same.
- Others have been able to continue paying the same monthly payment, but have now shaved years off the loan term.
Have you enjoyed savings on your home mortgage in recent years? Do you need to remortgage soon and find another good deal?
Securing a low rate mortgage in 2017
As anticipated, due to economic and market factors, the rate of interest on many mortgage products is starting to creep up. For some lenders is is creeping up fast.
The longer-term fixed-rate deals, such as those over 10 years, appear to the be the first that lenders are choosing to increase, as the risk for them is now higher.
It is expected that the five-year and two-year deals will follow shortly.
For now, there are still mortgages with competitive interest rates on the market, to suit almost all homeowners.
Don’t be complacent though – it is important to act soon as once the lenders change their terms, there is no pedalling back.
Success is finding a mortgage with a low arrangement fee
As important as finding a low rate deal is finding a mortgage with a low arrangement fee.
Therefore the process of finding the best mortgage for you is two fold; low rates + low fees.
In many cases it is better to find a mortgage with a low fee and a reasonable rate, than it is to find a mortgage with a low rate and a high rate.
It is important to remember that your own bank will only be able to offer you their own mortgage products. An independent mortgage adviser will be able to select mortgages from the whole of the market to find the best solution for you.
Mortgages for Doctors and Dentists – Best Rates
If you are looking to move house, or buy an investment property in the near future, keep an eye out every week for our Mortgage Monday – updated rates and best deals, including 95% mortgage options for first-time buyers.
Sample best rate mortgages:
TERM | TYPE | RATE OF INTEREST | GREAT FOR: |
---|---|---|---|
2 year | FIXED - 65% | 1.19% | Saving money by remortgaging |
2 year | TRACKER | 1.24% | Taking advantage of low Bank of England base rate |
3 year | FIXED - 65% | 1.49% | Saving money by remortgaging |
5 year | FIXED - 65% | 1.83% | Saving money by remortgaging |
10 year | FIXED - 65% | 2.64% | Long-term reassurance of low monthly payments |
2 year | FIXED (Offset) - 60% | 1.64% | Saving money by remortgaging |
2 year | FIXED - 90% | 1.95% | First-time buyers with small deposit |
2 year | FIXED - 85% | 1.49% | First-time buyers with small deposit |
2 year | FIXED - Buy-to-Let - 75% | 2.04% | Property investors with a moderate deposit |
Average lenders | Standard Variable Rate | 4.28% | Flexibility |
Read more of Chris’s monthly mortgage features:
Get a mortgage review with Chris
If you would like us to undertake a review of your current mortgage deal or you are thinking of purchasing in the near future and require funding, please contact Chris for a free, no obligation appraisal.
Tel: 01403 780 770
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