The Bank of England’s decision to cut the lending rate from 5% to 4.75% this week will be welcomed by home owners up and down the land, with those on tracker mortgages expecting an immediate reduction in their monthly payments.
The cut will also be seen as a positive indicator of the borrowing rate’s direction of travel for households who took out mortgages prior to 2021’s sharp increases, but are yet to face an increase in their mortgage costs as an exisiting fixed-term deal was in place.
For them, now would be a good time to start to re-evaluate their situation as there are several two, three and five year fixed rate deals available right now that could prove very attractive if you have a mortgage or remortgage requirement on the horizon. Current deals available include:
3.96% fixed for two years
3.92% fixed for three years
3.84% fixed for five years
Remember, here at FPG Mortgages, we are able to secure a deal six months in advance of your current deal ending so everything is prepared and in place, and if rates reduce further in that time, we can switch our clients to lower rates if a mortgage offer has been issued but has not gone live.
We offer an informal consultation by telephone, teams, zoom or in person with no costs or obligation. We can usually work out how much you can borrow and show you the monthly costs within 10-15 mins.
If you are a first time buyer, or if it’s been a while since you have bought a property, we can guide you through the process of making an offer through to getting the keys to your home.
If you or a friend or family member has a mortgage or remortgage situation on the horizon and would like to talk through your options, please contact Steve Padgham via e-mail at Steve.Padgham@fpgonline.co.uk or by calling 020 8614 4782.
