With some experts predicting a small interest rate rise by the Bank of England in August, mortgage lenders have reacted by narrowing the gap between two and five-year fixed products – the interest rate for five-year deals is currently 1.89%, with a two-year deal available at 1.39%.
We have seen that competition amongst lenders has increased in recent months as a result of growing support by the Monetary Policy Committee’s for a base rate rise, which has driven up the cost of two-year mortgage deals, however, many of our clients have been keen to take advantage of the current situation by switching to a five-year fix to provide longer term protection from any further rate increases.
Although the market trend is towards an increase in borrowing costs, the rates currently available are still historically very low, and here at The Financial Planning Group we have access to the whole mortgage industry and are not tied to any banks or building societies, therefore we can ensure you find the perfect deal to match your personal circumstances and provide the medium-term financial certainty many families require in times of uncertainty.
Being able to offer our clients mortgage products from the whole market opens up so many more options and offers – we have more than 24 years experience in helping families find the perfect low-rate deals and ensuring that the financial side of moving home is as stress free as possible.
We can also secure mortgage deals six months ahead of your current deal expiring, as well as remortgaging with your existing lenders WITHOUT the need of detailed re-application or the necessity of updating an individual’s status – so you really should speak to Steve Padgham at The Financial Planning Group today about what options are available to you.
If you would like to speak about your mortgage or re-mortgage, please feel call Steve Padgham on 020 8614 4782 or email Steve.Padgham@fpgonline.co.uk