Now is a good time to look for a 5 year fixed rate mortgage deal.
According to recent reports 5 year fixed rate mortgage products have become cheaper over the last twelve months. Sources suggest the average interest rate was just under 6% a year ago and now has reduced to an average of 4.86%.
With average rates for longer term fixed deals falling it is a good time to consider swapping to a fixed rate deal. If you are one of the millions of home owners affected by rising standard variable rates, a fixed rate deal could offer you the reassurance of knowing your monthly payments are not going to change.
Coventry's 5 year fixed rate mortgage at 3.89% for loans of up to 65% loan to value is well below the suggested average. There are even better rates if you can meet all the lenders criteria. Call Deal Direct, we are familiar with the different lending criteria for mortgage products from different lenders and we can advise you of the best deals to suit your situation.
Both the Chelsea Building Society and the Post Office are offering rates of 3.59% for 70 and 75 % loan to value. However due to the high lending fees these deals could be more expensive for loans below a certain value, so it is important to compare the details of the deals on offer.
Call Deal Direct for the most recent 5 year fixed rate mortgage products and a comparison with other products within the marketplace. We can look at which type of product is best for you and source the best deals available to suit you.
