Keeping doctors and dentists informed with the latest mortgage news and rates.
It is likely, you are now familiar with the fact that remortgaging is something for virtually everyone to consider in the current market. The UK mortgage and property markets makes headline news at least every couple of weeks, with reminders of how much choice there is now for homeowners, and how much can be saved from switching lenders.
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 property may be at risk should you be unable to maintain any agreed mortgage payments over the term agreed.
It often pays to switch
According to Virgin Money, 7 in 10 homeowners could save from switching away from their lenders Standard Variable Rate (SVR) of interest, to a lower Fixed Rate option.
Mortgage rates continue to fall, as lenders gain confidence that the Bank of England base rate won’t increase in the near future.
The Mortgage Advice Bureau (MAB) reported the lowest rates on record, ever, along with the greatest number of mortgage options available to homeowners.
In February 2016, following the decision by the Monetary Policy Committee (MPC) to keep the base rate at 0.5% for the 84th consecutive month, MAB reported a 3% rise in mortgage products available. Also, an average 3-year Fixed Rate mortgage fell by 0.9%, and the average 2-year fell by 0.2%.
But, what about the fees for Early Settlement?
Savings aren’t just for those on a SVR. Some homeowners are finding that it even pays to make the lump sum payment to transfer their Fixed Rate mortgage product to a new lender, who can offer them a lower rate of interest for longer term.
Depending on your current arrangement and your current lender, depends on the scope to save. However, with competition amongst lenders brimming over, there are lots of options to consider.
A mortgage adviser can help to run the calculations on the overall gain or loss you would make from switching lenders.
Try our online Mortgage Tool
– Get an idea of rates available
– Options for residential and buy-to-let mortgages
– Review fees
– Select desired mortgage term
– Speak with a mortgage adviser following
Mortgages for doctors and dentists
Here are the latest rates on mortgages.
Term | Type | Rate of interest |
---|---|---|
2 year | FIXED | 1.50% |
2 year | TRACKER | 1.39% |
3 year | FIXED | 1.94% |
5 year | FIXED | 2.24% |
10 year | FIXED | 2.89% |
2 year | FIXED (Offset) | 1.79% |
2 year | 10% deposit | 2.29% |
2 year | FIXED - 15% deposit | 1.74% |
2 year | FIXED - Buy-to-Let | 2.29% |
Average lenders | Standard Variable Rate | 4.57% |
Figures are sourced from Trigold Prospector. Please note rates do change daily.
Read more of Chris’s monthly mortgage updates:
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