The average 5 year fix mortgage drops to below 3%.
Mortgage rates have fallen so much, the average 5 year fix may now have dropped to below 3%, for the first time since records began.
Two years ago, the average 2 year fixed mortgage rate was just under 3%. Those that are coming to the end of those deals now, could find it possible to lock themselves into a longer term for approximately the same price.
Whether you are a purchaser or a borrower, depending on your circumstances, locking yourself to a longer term now, could be very good news because:
- You could be shielding yourself against the possibility of an increase in the base rate.
- You could save money by fixing the cost of your monthly repayments.
The rates on offer vary considerably and depend on how much deposit you have available. To calculate how affordable a mortgage is, you must also consider fees and charges and whether there are penalties for early redemption.
To discuss the suitability of a 5 year fixed term mortgage, and to compare it against other offers on the market, speak to Deal Direct. With over 10 years’ experience accumulated in the industry, we can confidently advise you which deal would benefit you the most.
Save time, money and exertion with Deal Direct.
For a low rate, no-obligation mortgage quote, click below or speak to one of our advisors directly.
Call us on 0800 048 8828 today.
