In the past few months we have seen average rates on fixed rate mortgage deals fall by over 0.5% – which will be welcomed by home owners up and down the land as we tip-toe out of lockdown into an uncertain economic landscape.
The Bank of England’s move to cut the base rate to 0.1% was unprecedented as the Covid-19 pandemic took hold, and lenders have adapted too – families can take advantage of lower interest rates by transferring to a better deal with their existing bank or building society, or changing to a new lender.
Steve Padgham, Head of Mortgages at The Financial Planning Group said, “The property and mortgage market is absolutely manic at the moment, and there is a real opportunity for savvy home owners to reduce their monthly outgoings, or if they are looking to move, to secure a low interest deal on their next property.”
Moneyfacts finance expert, Eleanor Williams, said this week; “Fixed rates have dropped to attractive lows over recent weeks, with the average rate charged on fixed rate products with no fee reducing by 0.52 per cent since March this year, and the equivalent average for deals with a fee has dropped by an even larger 0.59 per cent, sitting at 2.28 per cent and 2.30 per cent respectively. The average standard variable rate (SVR) that customers may revert to at the end of a deal now sits at 4.48 per cent.”
The potential savings for those looking at a new deal are clear and borrowers are likely to want to keep a close eye on their monthly outgoings and reduce costs where possible at the moment. We are here to help mortgage borrowers take advantage of this low rate environment to remortgage, so please contact us to talk through your options.
Why not give Steve a call on 020 8614 4782 or write via e-mail to Steve.Padgham@fpgonline.co.uk and take advantage of some very competitive deals.