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
Skipton Building Society launches ‘Delayed Start’ mortgage meaning first time buyers won’t be required to make repayments for the first three months.
According to a survey by Skipton, first time buyers who bought their home in the last five years found that in the first three months of living there, they were spending upwards of £30,000.
6 days ago
If you have recently moved into a property with a garden that requires a little TLC, or you’d like to get on top of your current green space, check out our tips.
9 days ago
High street lender, NatWest, have launched a new product to help first-time buyers purchase a property with assistance from a family member or friend to get them on the property ladder sooner.
10 days ago
‘Buy Now, Pay Later’ (BNPL) schemes, such as ‘Klarna’ are short-term loans that allow shoppers to make a purchase, but delay paying for it for an agreed amount of time.
Klarna is one of the most popular BNPL services with 18 million customers in the UK alone, and offers interest-free payment options which is appealing to shoppers. However, does it affect a mortgage application?
15 days ago
We look at how to get the best Buy to Let mortgage rate, what's in store going forward, and options as a landlord with increasing costs.
24 days ago
Throughout this past week, lenders have continued to reduce their mortgage rates giving borrowers in the UK some welcome news following the change in global tariffs under US President, Donald Trump.
24 days ago
Did you know that buying a house, or relocating is in the top 10 most stressful life events?
Stress of course is an unavoidable part of life and there are many reasons why people experience stress, not just buying a house!
There are lots of effective ways to manage and reduce stress, check out our tips to help you.
With the stamp duty relief ending in England and Northern Ireland, we have listed the top 10 cheapest areas for first-time buyers as published by Rightmove.