What are the best mortgage interest rates on the market?
Some of the best mortgage interest rates currently available are tracker rates, due to the low bank of England base rate. While the base rate is predicted by economists to stay at 0.5% for a further 2 years or more, tracker deals can offer competitive rates.
If you are wanting to reduce your monthly payments and prefer the security of fixed rates there are also some good deals available. Fixed rates are most common for 2 and 5 year periods but longer terms are available in some cases.
A two-year fixed rate could suit you if you are likely to move house within the next five years as early redemption penalties are likely to be attached to longer term products. A large penalty can easily reduce any savings you made with low mortgage interest rates.
Recently reported figures suggest that around 30% of all deals available from lenders are two year fixed rate mortgages. By comparison the figures suggest that there are less than 70 lifetime tracker products on offer from lenders throughout the market.
Deal Direct compares products from lenders throughout the market for the best rates available for different types of mortgage. We can offer you advice on which type of product may suit your individual circumstances and we are aware of the wide variety of lending criteria.
Whether you are looking for a low rate tracker or a fixed rate deal, at Deal Direct we can give you impartial advice and find the lowest mortgage interest rates to suit your circumstances.
