A five year fix could offer one of the cheapest mortgage deals.
If you want to get the cheapest mortgage then now might be the time to consider a five year fix.
Many five year fixed mortgage rates have reduced over the last year. So before any Bank of England base rate rise, it may be worth looking at one of these products to ensure you obtain the best mortgage available.
Contacting Deal Direct mortgage brokers offers you the best way to get yourself the cheapest mortgage that lenders currently have on offer. We search the whole of the mortgage market to ensure we find you the most competitive deal to suit your needs.
Our expert advisers offer unbiased and up to date advice on what is happening in the market and ensure we find you the best deal.
Five year fixed rate mortgages start at about 3.59% for 70% loan to value, or for smaller deposits of 10% rates start at around 5.39%. As fees vary considerably from lender to lender and product to product, like for like comparison is essential to work out which is the most cost effective product.
As mortgage set up costs have risen recently, a five year fix would reduce the need to pay mortgage fees more often, which is an important factor to consider when looking for the cheapest mortgage deal.
Headline rates for two year fixed rate mortgages may be cheaper, but if you have to remortgage 2 to 3 times during same period as a five year fix, the deal may not work out so cheap when factoring in mortgage arrangement costs.
For advice on the benefits of a longer term fixed rate mortgage call Deal Direct.
