Fixed mortgage rates are falling.
Mortgage rates fixed for longer terms are getting cheaper. Leeds Building Society recently announced the release of a 10 year fixed rate at 4.58% and HSBC have launched a 5 year fixed rate at 2.99% and a 7 year fix at 3.99%.
For an up to date comparison of lenders cheapest offers contact a Deal Direct mortgage adviser today.
Earlier this year mortgage rates began to rise, but for those of you looking for a low rate offer this summer the news is good as there are now plenty of cheap offers to choose from.
Long term fixed rates have proved great for risk averse homeowners, however locking into a longer term deal can have a downside. If you fix a rate over 5 to 10 years but move before the end of the term you could be caught out if you have an early repayment clause.
The advice when looking for a long term fix, is to ensure you check your mortgage offer very carefully to ensure there is no small print which could catch you out should you wish to move before the end of the agreed term.
It is essential to make sure that you can switch to a new deal or move home before the end of your deal penalty free.
Providing you have no early redemption clause attached to your offer, fixed rates can offer peace of mind and a level of security. With funding costs falling fixed rates are getting cheaper and are beginning to compare favorably with more risky but cheaper tracker products.
Deal Direct are an independent 'whole of market' broker who can find the cheapest mortgage rates on offer.
Call one of advisers today for a competitive offer.
