Could the cheapest mortgage be a fixed rate deal?
When looking for the cheapest mortgage on offer, it could pay to look at the fixed rate deals that are available.
It is hoped that fixed rate mortgages could become much cheaper if the swap rates continue to drop.
However, there are several competitive fixed rate deals currently available and the RBS has one of them. It is offering a five year fixed rate deal for those wanting 60% loan to value. The initial rate is 3.85% for the fixed term of the mortgage and then it goes onto the banks variable rate, which is currently at 4%.
The above mortgage deal has a fee of £999.
If you are interested in more information on this deal and finding the cheapest mortgage, contact us at Deal Direct. As we are whole of the mortgage market brokers, we search out lenders latest deals and monitor the market for lenders latest rate cuts and value for money offers.
Some of the fixed rate deals on offer could get you a good deal, depending on how long you would like to fix for.
The Woolwich, which was acquired by Barclays Bank in 2000, has a 10 year fixed rate mortgage available with an initial rate of 4.99% for the term.
It then reverts onto the banks standard variable rate which is currently 3.89%. The 10 year deal is for loan to value of 70% and comes with a £1,499 fee.
Contact our mortgage experts at Deal Direct, where we can find you the cheapest mortgage and also ensure it is suited to your financial needs.
