Act now to secure the best deal as low rate mortgages won't last forever.
It is predicted that mortgage rates are going to begin to increase, therefore new buyers and remortgaging home-owners could miss out on a cheap deal if they hold out thinking rates are going to stay low forever.
Those choosing to wait until the base rate goes up before locking into a deal, could miss out on the competitive longer term fixed rates currently on offer.
While the BoE has said it plans not to increase interest rates until 2015, it does not mean mortgage rates will remain low too.
We have already seen lenders such as the Yorkshire BS increase their 5 year fixed mortgage rates. The lender recently re-priced its 5 year deal for 60% LTV increasing it from 2.84% to 2.99%, and it is expected that other lenders will soon follow suit.
The view is that with 5 year fixed rates the only way is up.
If you are looking to buy a home or remortgage and you are looking to lock for long term security do so now while you can still find a record low rate.
For an independent 'whole of market' mortgage search for a rate suited to your financial needs speak to an adviser at Deal Direct.
Call 0800 048 8828 for a low rate quote.
