Five-year fixed rate mortgages have dropped to the lowest rates on record, handing a boost to people wanting to get a competitive deal, whether remortgaging or buying a home. This comes after rates on some two-year fixes dropped below 1% recently for the first time since 2017.


More products available
According to Moneyfacts1 there were around 800 five-year fixed rate remortgage products available in early to mid-July. In an example of how competitive mortgage rates currently are, borrowers with a deposit of 20% deposit can expect to secure a two or five-year deal with a rate under 2%.

 

Will it last?
While the BoE kept bank rates low throughout the pandemic, it is only now that the lower rates are being passed on to borrowers. Many mortgage market experts feel that interest rates are unlikely to go any lower, and that borrowers are soon to see the tide turn in the form of rate increases. If you’re interested in taking advantage of current low rates to fix your mortgage, don’t hesitate to get in touch to see how we can help. Moving to a fixed rate could potentially save you money as well as giving you the peace of mind in knowing what your mortgage payments will be for the term of the fixed rate.


Your home may be repossessed if you do not keep up repayments on your mortgage.

Source: 1moneyfacts.co.uk/mortgages/

Catch up on our other blog posts:

How does income protection work?

How does income protection work?

Income protection insurance refers to a group of insurance products that help you out financially, if you lose your income due to injury or illness. The COVID-19 pandemic has greatly increased awareness of the importance of having a safety net to fall back on in times...

read more
Protection and the gender paradox

Protection and the gender paradox

Despite a better understanding of the limitations of state health and welfare support than men, women are less likely to engage with group protection benefits. Its a phenomenon that Legal & General1 have termed the ‘gender paradox’. Despite knowing that state...

read more

(Your home may be repossessed if you do not keep up repayments on your mortgage)

We charge a fee for arranging and advising you on the mortgage. The fee will be dependent on your circumstances but will not exceed £499. (Our typical fee is £299.)

For Lifetime Mortgages/Equity Release the fee will be £799.

Our mission is to provide honest mortgage advice, whilst helping you save money.

Get in contact

Flexible appointments

Or call —02380224925

R

Providing helpful and friendly mortgage advice in Southampton

First Floor, 9 Salisbury Road, Totton, Southampton, SO4O 2HW

02380 224 925

info@southcoastmortgages.com

South Coast Mortgage Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered Office: 59 The Avenue, Southampton, Hampshire, SO17 1XS. Registered Company Number: 08414746 Registered in England & Wales.