Competition in the mortgage market intensified this week as a fresh mortgage price war erupted with a string of major lenders slashing their rates.

Halifax, Barclays, Nationwide Building Society, Virgin Money, Skipton, Coventry and Norwich & Peterborough Building Society are among those who have improved their product ranges.

The main battleground seems to be the 5 year fixed arena where rates can be picked up under 3%. YES, THAT’S 5 YEARS FIXED AT UNDER 3%! UNBELEIVEABLE!

Virgin Money, determined to be innovative, has taken the unusual step of launching new 6 year deals, which are available at the same price as their 5 year fixes. They include a product available for people with a 30% deposit with a rate of 2.99% and a fee of £995. Alternatively, people can opt to go fee-free and pay a higher rate of 3.59%.

Although 6 years will give you 6 year’s peace of mind, a lot can happen in 5 years, never mind 6. One more than one occasion, we have invited clients in to review their mortgage at the end of their 5 year fixed term, only to find they arrive not only with a baby, but also a different partner!

Although of course partners can be changed free of charge, the fee to change your 5 year fixed rate can be anything up to £10,000! Now that’s commitment!

For more information about Mortgage Interest Rates speak to an advisor on 01628 507477 or contact us.

Recent posts

Friyay Rate Reviews

24 days ago

Every Friday our experts search the market for the latest rates from every lender saving our clients some serious £'s!

Looking to Extend?

28 days ago

Are you looking to extend your property? There are many benefits to adding an extension to your existing home, here are a few. 

Put simply, Equity Release is where you can release equity (money) tied up in your home for any purpose you like. In this short article, we share some reasons why you may want to consider Equity Release.

The team at Mortgage Required may not be able to lower the prices in your local supermarket, but we have come up with a list of tips to help you lower your food shopping bill.

Every year Big Energy Saving Week takes place to raise awareness about energy efficiency, reducing energy bills, and combating fuel poverty. Below are some ways you can get involved and hopefully make a saving!

In this blog we look at what happened in the housing market in relation to house prices last year, and look ahead at the forecast for 2024.

With many of us putting our feet up on 26th December after a full-on day of festivities, there are a significant number of people who find themselves checking out property portal sites!

Everyone has their own traditions at Christmas time, but we have put this short blog together to help you get ready for the festive period ahead.