Fixed rate mortgages - which one should you choose?
Average fixed rate mortgage costs are rapidly falling. With rates low at all deposit levels and length terms, its difficult to choose which is the right product for your needs.
Despite the Bank rate having remained static for four years fixed rate mortgage deals have dramatically fallen in cost.
There are so many fixed rate mortgage products on offer with differing rates, fees and terms that it really is a challenge to work out which one would be best.
Deal Direct can help you through the maze of products available market-wide, we offer impartial and independent advice to ensure you end up with the right deal.
Fixed mortgage rates are now set at such low levels that variable rate products cannot compete.
Fixed rate mortgages are currently the product of choice for very good reason. The best rates are now set at such low levels it is hard to find an alternative mortgage type to beat them.
While trackers were once the product of choice for home-owners wanting an ultra low rate, this is now not the case. It is no longer necessary to take on a riskier product, where rate can rise, to get a cheap deal. Not when fixed rates are set so low.
Average rates have fallen at all length terms and deposit levels. Just 12 months ago average 2 year fixed rates were 4.66%, now average rates are 3.82%, 2 year fixed rates have fallen over the same period by 0.73% and are now 4.13%. Longer term 5 year fixed rates have also fallen in cost and are now 3.86%.
The rates listed are average rates, you can access deals far cheaper than the average rates listed.
For those looking for a 2 year fixed rate deal rates start at 1.69% from the Chelsea BS, 3 year fixed rates at 1.99% from the Chelsea BS, 5 year rates at 2.45% from the Halifax and 10 year fixed rates at 3.89% from Barclays.
If you would like to review any of these products, or you would like a market-wide mortgage search you are advised to call Deal Direct on 0800 048 8828.
As an independent broker Deal Direct works on your behalf and not that of the lender to find you the best deal on offer.
Contact an adviser today.
