With fixed rate mortgage deals at record lows should you lock in now?

Fixed rate mortgages are at records lows, and while many looking for a new mortgage may consider waiting a while to see if rates could fall further, market experts are predicting this is unlikely to happen.

The current opinion is that fixed mortgage rates have hit bottom and now the only way they are likely to go is up.

While the BoE has indicated interest rates will remain at an historic low, this does not seem to be preventing inter banking lending costs from increasing. As lenders funding costs increase at some point mortgage rates could increase to cover these costs.

For those looking to remortgage or purchase a home rates are still low, but with predictions of likely fixed rate mortgage costs rising should you lock into a cheap deal while you can?

Expert opinion is yes, lock in while cheap deals are on offer to avoid losing out as rates rise. You can access a 2 year fixed rate mortgage at just 1.48% if you have 40% equity and a 5 year fixed rate deal can be found at 2.44%.

With rates this low it is thought they cannot go much lower, buyers are advised that with property prices on the rise nothing maybe gained by waiting for a cheaper deal.

If you would like advice as to your mortgage options you are recommended to speak to an independent mortgage expert. Choosing an independent impartial adviser is vital if you want advice based on your needs.

For impartial advice and a 'whole of market' mortgage review call Deal Direct on 0800 048 8828. We work solely on your behalf and in your interest to ensure you end up with the best mortgage for your circumstances.

Don't put off finding a new deal, act now and secure a cheap rate while you still can.

Call 0800 048 8828 for a cheap fixed rate mortgage quote.