It looks like with reduction of the base rate which has been held at 0.5 per cent for a second month in a row has sparked a huge increase in fixed rate mortgage applications with many securing good deals for the next two to three years.
Fixed rate deals are chosen by many who want to know what they are going to be paying each month and don’t have to concern themselves with potential rate increases that initially may mean cheaper tracker mortgages but in the long term will result in higher monthly repayments.
There have been major developments in the mortgage market over the last few weeks so I would suggest you regularly check the news to see what the experts are advising and research the top lenders to have a look at their fixed rate mortgage deals on offer.
To find the best fixed rate mortgage it is best to seek professional advice. By all means do some market research, look at the rates being offered via the internet and read up on the ins and outs of mortgage types. Going to a professional organisation such as a mortgage broker for advice will give you the best chance of finding the best fixed rate mortgage based on your circumstances. Find a whole of market mortgage broker means they will check every deal on the market to bring you the best fixed rate deals for you. A good mortgage broker will have years of experience of the market and more importantly the local market which brings huge benefits to you. You can benefit from expert advice and often many don’t charge for their services instead taking a commission upon successful completion of your application.
Many experts are advising to look for the
best fixed rate mortgage now as interest rates aren’t going to drop any further and while some lenders are still lowering their fixed rates in line with the competition, this could soon reverse. When the government introduced quantitative easing the yields on gilts for maturities of five years or more has fallen therefore the money market swap rates that determine the cost of fixed-rate mortgages looks set to rise in the not so distant future.
