Why choose a 2 year fixed rate mortgage?
For risk averse home-owners a 2 year fixed rate mortgage may be a good option.
UK lenders offer fixed rates over various length terms, however those offered for a 2 year term are usually the most competitively priced. In general the shorter the mortgage term, the lower the rate offered.
By fixing for 2 years a mortgage-holder can have peace of mind and security. Knowing that monthly payments will not increase during the term agreed can help with both budgeting and financial planning.
Cheap 2 year fixes tend to be popular as they offer low headline rates, and fixing for only 2 years suits many home-owners who may consider moving home after a couple of years.
A longer mortgage term can offer increased security, however if there is an early repayment charge moving before the end of the term can be costly.
A shorter term fixed rate can increase remortgage flexibility. Reviewing the market to ensure you have the cheapest rate for your circumstance is vital. With a 2 year fix you are able to do this every couple of years penalty free.
With access to the most competitive 2 year fixed mortgage rates on offer, our skilled advisers at Deal Direct can source you a low rate offer.
Contact Deal Direct today for advice and a cheap rate quote.
