Spotlight on 5 year fixed rate mortgage products.
Longer term 5 year fixed rate mortgage products are looking increasingly appealing to mortgage-holders wanting to avoid a potential rate rise.
With news of some banks such as the Halifax making changes to their SVR some of you may want to lock yourselves into a more secure fixed option through Deal Direct.
With interest rates presently held at 0.5 per cent it is lenders increased funding costs which are leading to slight rate rises.
There are some competitive 2 and 3 year fixed options available but if your aim is longer term protection and greater peace of mind, then a 5 year fixed rate mortgage product may be more suitable.
Plenty of deals remain available under 4 percent. The Post Office have a 5 year deal at 3.59 per cent for 75 per cent LTV. It has no arrangement fee and comes with £300 cashback. The Chelsea Building Society currently offer a 5 year fixed rate mortgage at 3.19 per cent which is for 70 per cent LTV and comes with a £1,495 arrangement fee.
The question of which deal is most suitable for you is down to how much you wish to borrow, how long a mortgage term you wish to have and how much of a deposit you have available.
Which 5 year fixed rate mortgage deal is the most cost effective and best suited to your personal circumstances can be answered by our skilled mortgage brokers at Deal Direct.
Please note: Any rates or deals mentioned in this article were available at the time of writing.
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Simply telephone 0800 048 8828 or fill in our enquiry form opposite.
