Mortgage Lenders Are In A Battle.
Mortgage lenders are taking the long view 10 years ahead to be exact, lenders have reduced their 10 year product rates. At the moment there are some great product rates out there in the mortgage market with rates starting from 2.20%. The lenders want your business so they are in a war with each other bringing the rates down for mortgage clients.
If a 10 year deal is too long for you, there are some excellent 5 year fixed rates, starting from 1.49% of course these rates will depend on the financial circumstances of the client so the mortgage rate may be different subject to circumstances and the mortgage lenders appetite for risk. Why are clients approaching our mortgage brokerage and making enquiries about longer term fixes, well I think it is a combination of the election and Brexit the general population at the moment want long term security and to be able to plan and budget ahead.
There are around 20 lenders offering 10 year fixed rate products, with around 160 product variations, this number will continue to grow. As we seem to be following the trend of the united states and other countries where mortgage clients tend to prefer longer term mortgage fixes. However at the moment 2 year fixes are still the most popular, you need to discuss with your mortgage broker the best option for your own personal circumstances.
If you would like a free chat about your circumstances and a professional recommendation on a mortgage or bridging product to suit your needs, call Paul on 01902 213201