With rising mortgage rates can a deal still be found?
UK mortgage rates are increasing in response to the eurozone crisis. Initial increases were all to lenders SVRs but now rates for new mortgages are also rising.
The very lowest mortgage rates are already disappearing but some good deals can still be found by contacting independent brokers such as Deal Direct.
On a positive note today's rates are still low when considered in an historical context. However the bad news for those looking for a deal, is the very cheapest mortgage rates may have already gone and look unlikely to return any time soon.
The advice is look for a deal now while there is one to be had, lenders such as Lloyds TSB and Santander have announced their intention to reduce their mortgage book this year, therefore competition to source a good offer while funding remains available will be tight.
For those with a 25% deposit or equity the Post Office offer a five year fixed mortgage rate at 3.59% with a £1,495 fee or a rate of 3.89% with a lower £495 fee. A five year fixed rate of 3.99% is also offered by the Post Office which has a £495 fee but £300 cash-back. The Co-op Bank also offer a 5 year fixed deal for 75 per cent, the rate offered is 3.89% with a £999 fee.
For an up to date independent mortgage market comparison contact Deal Direct today. We offer impartial mortgage advice and can search the entire UK mortgage market to source the right deal for you.
