Time To Fix Your Mortgage

First of all I hope everyone enjoyed Christmas and a happy new year to everyone
Some 89% of mortgage shoppers in December are looking at fixed-term deals, up from 85% in November and 83% in October, In comparison, interest in tracker mortgages is flat, accounting for just 6% of searches in the three months. Today, the Bank of England announced it had voted to leave Base Rate at 0.75% – its highest level since 2009 – after it was raised by a quarter of a percentage point in August.
In comparison, interest in tracker mortgages is flat, accounting for just 6% of searches in the three months. Today, the Bank of England announced it had voted to leave Base Rate at 0.75% – its highest level since 2009 – after it was raised by a quarter of a percentage point in August. “Interest in fixed-term deals shows no signs of slowing down as consumers look to protect themselves from future rate rises, while growing uncertainty about the economy could also be playing a part.
“It’s understandable that fixing is proving to be popular, as potential homeowners enjoy the security of knowing what their monthly payments are, but it’s important they consider all their options when it comes to their mortgage.” Previous analysis from Experian found mortgage holders could find themselves overpaying by £1,800 a year if they fail to switch deals when their introductory rate finishes and they slip onto their lenders’ Standard Variable Rate (SVR). Based on the average mortgage amount taken out by Experian customers in October of £151,955 with a typical SVR of 4.39% over a 25-year term, the monthly payment is £822.41 a month. But with customers being offered an average initial rate of 2.38% in October, they would be repaying £672.55 a month – a difference of £149.86 monthly and £1,798.32 annually.
2019 is the year to get your finances in order.

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