Whatever your politics, headlines warning of the “Unchartered Territory” and predictions on the vote around the “Withdrawal Agreement” mean we are heading into uncertain times.
In 2018, Mortgage Required’s clients opted for a 5-year fixed rate 28% of the time. The highest since number since we opened in 2001.
Brexit is not the only reason clients are deciding to fix their rates for longer, with 5-year rates as low as 2.09% for borrowers with plenty of equity in their properties, and at 2.29% for borrowers with a 10% deposit there has never been a better time to hedge your bets and fix for longer.
Depending on who’s research you read, between 25 and 30% of borrows are currently on their lenders “Standard Variable Rate” (SVR). This means they are paying a rate set by their lender who can put it up (or down) whenever they fancy. On average lender’s SVRs are around 2.5% higher than the fixed rates they are offering and this means borrowers could be paying up to £4,000 per year more than if they switched to a new deal.
So, whether it’s a “deal or no deal” now is the time to get fixing!
For more information on fixing your mortgage, please call the team on 01628 507477.
Yesterday
Almost one in five equity release mortgages are now taken out to provide financial support to family.
3 days ago
According to industry data, the expected wait for those looking to buy a property has dropped from just over 11 months to less than six months.
It is common for your first mortgage payment to be higher than your subsequent monthly payments for two reasons.
8 days ago
Firstly, a big congratulations, you’ve now exchanged contracts! After weeks and months of waiting, you are about to move in. What should you do first?
The chancellor will deliver her second budget this autumn. Due to slow economic growth and high inflation, the government need to manage a £40 billion shortfall in public finances. There have already been reports about changes to taxes including income tax and capital gains tax.
29 Aug 2025
The chancellor has advised that landlords could have another tax to pay this autumn as the Treasury decide whether to extend national insurance contributions to rental income.
According to a report in the Guardian, senior ministers have asked Treasury officials to look into a “proportional” property tax to see how it would work as an alternative to the existing stamp duty land tax on owner-occupied homes.
More than a quarter of UK adults in long-term relationships (26%) have reported that despite living together, they keep their finances separate from one another.