Low mortgage rate offers increase in number.
HSBC's latest low mortgage rate for a 5 year fix could lead to an increase in cheap offers by other high street lenders.
Already some have started to offer cheap long term fixes such as the Leeds BS who has launched a 10 year fixed rate at 4.58%.
Borrowing costs are falling and the hope is mortgage rates will too.
Rates began to rise in quarter 2 of this year in response to increased funding costs. Home-owners were warned to expect a bumpy ride this summer, however this has not happened.
Soon after the BoE released this warning an announcement was made confirming the launch of the funding for lending scheme, and both swap rates and the Libor began to fall.
As funding costs fall lenders are cutting rates.
Fixed rates are one area where rates are being significantly cut. Deals are becoming far more competitive and Deal Direct have access to some exceptionally low mortgage rate offers.
However with falling rates it is important to remember that an eye catchingly low headline rates does necessarily equal the best mortgage for you. It remains essential to factor in fees and charges when comparing rates to find the best long term mortgage deal.
Contact Deal Direct for an up to date mortgage comparison.
Our advisers will find you a low mortgage rate.
