Now is the time for the best fixed rate mortgage deals
Did you know there is a mortgage sale on at the moment?
It’s not an official “sale” sale.
But lenders are reducing rates, offering limited edition deals, free gifts and other inducements to be as competitive with one another as possible.
All of which is good news for borrowers - particularly those looking to remortgage and get a fixed-rate mortgage deal.
If you are in that category, now is a fantastic time to go sale shopping.
So what’s going on? Why are there so many good deals out there?
There are two main reasons, says Helen Crowther-Dowey, a mortgage and protection consultant for Nottingham Mortgage Services.
October and November are traditionally two of the busier months in the mortgage market, explains Helen. The housing market has picked up after its annual mid-summer lull and buyers want to be in their new homes before Christmas. Because lots of mortgages are sold at this time of year, it means many fixed-term mortgage products - taken out in previous Octobers and Novembers - are coming to their end.
Factor in the much-trailed, heavily-hyped, it’s-going-to-happen-sometime rise in interest rates and you have a glut of potential customers looking for nailed-down mortgage deals.
Many of them - solid, safe-bet borrowers with proven track records in making monthly repayments; wanting lower loan-to-value (LTV) mortgages - are exactly the kind of people that lenders are desperate to attract.
To attract them, lenders are cutting rates and pouring competitive products into the market.
“Lenders love re-mortgagers,” says Helen. “There are a lot of them around at the moment.
“We’re seeing lenders do everything they can to bring that business in. They are reducing rates, arrangement fees and paying people’s valuation and legal fees.
“There really are some cracking rates around at the moment. If you’re thinking of getting a fixed rate mortgage, now is the time to do it.”
If you would like to book an appointment to talk to Helen, call 0115 932 4143 or call our mortgage advisers on 0344 481 0013