Even though there is the strong possibility of another interest rates rise. At the Bank of England’s meeting today, there are still plenty of competitive mortgages to attract borrowers.
This rate rise has already been priced into fixed-rate mortgage products, with a number rising in the past couple of weeks. That said, while the rock-bottom sub-1 per cent rates of last autumn have disappeared. Perhaps forever, there are still plenty of attractively priced options. With two and five-year fixes starting from sub-2 per cent.
Fixed rates remain hugely appealing because of the prospect of further rate rises; if this happens, you have nothing to worry about because your mortgage payments remain the same. Longer-term fixes of five and ten years are proving increasingly popular to borrowers. Who are confident that they are not going to move during that time and who are keen to lock into cheap rates for the medium to long term to ride out the uncertainty. It is important not to fix for longer than you are absolutely sure about or you may have to pay a hefty early repayment charge to get out of the mortgage early.
Fixed Rate Mortgages
With three in five homes going under offer within 30 days in February. According to research from property portal On The Market. Those who are still keen to buy must move quickly to secure the property they want. Lack of stock, combined with pent-up demand from buyers. Means you have to be organized and have your finance lined up, ideally before making an offer, if you don’t want to miss out.
This is where AWS Private Finance comes in. We are whole-of-market brokers who scour the entire market on your behalf, finding the right deal for your circumstances, whether you are taking out a new mortgage or refinancing. We have particular experience in arranging large loans for contractors, the self-employed and professionals such as doctors, accountants and lawyers. Please get in touch for more information.