Fix your repayments with a reduced rate 5 or 10 year mortgage.

In the face of so much uncertainty in the economy at the moment, the number of people seeking a longer-term fixed rate mortgage solution is rising.

This trend has not gone unnoticed by mortgage providers and competition between them is increasing. This means better pricing and terms and conditions are on offer for longer-term fixed rate mortgages. More lenders are entering the market, forcing those with an existing product range to think about the level of competitiveness of the deals they are offering.

Coventry, for instance, has shaved percentage points of both it's 5 and 10-year fixes and offers terms for a range of loan to value amounts. 

For a 10 year fix, Coventry’s product is now priced at 2.35% for up to 50% LTV, reduced from 2.39%.

For 5 year fixes, rates now start from 1.89% for up to 50% loan to value with 2.39% being offered for up to 90% LTV.

While more lenders are entering the market, not all lenders work the same. Great attention should be paid to:

• what’s included
• what’s excluded
• whether fees are applicable
• if there are any penalties for needing to switch early
• if the mortgage is portable

Questions you need to ask yourselves include how likely it is that you’ll be staying in the same place or whether you’ll need to up or down-size. The stability a longer-term fix can offer must be balanced against the level of flexibility, which is different to say a 2 or 3 year fixed rate mortgage.  

The longer-term fix is not suitable for everyone, but if you think this type of mortgage is for you, contact to Deal Direct for more information and the best rates.

Speak to one of our skilled advisors now on 0800 048 8828.