Will lenders best mortgage rate deals get even lower?
Some of the best mortgage rate deals ever are currently on offer but, the question is should borrowers fix now or hang on for an even better rate? In answer experts advise that hanging on may not be the best policy and recommend borrowers look at current deals and secure a good rate now.
Brits love a good deal and those looking for lenders best mortgage rate deals have recently had their heads turned by headlines announcing some of the cheapest mortgage deals ever. The Chelsea launched the lowest ever 5 year fixed rate mortgage, followed by the Norwich & Peterborough Building Society with a lowest ever 10 year deal. There are also trackers still available at less than 2 per cent meaning borrowers have many good deals to choose from.
In the last few weeks new headline grabbing low mortgage rates have been launched however, at the same time some deals have become less attractive. Mortgage fees for one are going up which has an impact on the cost of a deal. Interbank lending costs have increased and lenders are starting to become more cautious. While some rates, such as those for longer term fixed deals are going down, the overall trend is for rates to go up.
In light of growing funding costs now may not be the time to hang on for a cheaper deal, borrowers are recommended to search out lenders best mortgage rate deals before more products are withdrawn or repriced in an upward direction.
