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.
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