UK Mortgage Borrowers Able to Secure Five-year fixed Deals at Two-year Prices
Housing-Market / Mortgages May 20, 2015 - 08:59 PM GMTBy: MoneyFacts
Charlotte Nelson, Finance Expert at Moneyfacts.co.uk, comments: “The cost of the average five-year fixed rate mortgage has fallen significantly over the past year with many providers launching the lowest ever rates.
“With the average five-year fixed rate mortgage priced at 3.45% today, this is considerably lower than what the average two-year fixed rate was offering a year ago (3.73% in May 2014).
“In the space of one year borrowers can now secure a five-year fixed rate deal for the same price or lower than its two-year alternative.
“Longer-term fixed rates provide borrowers with extra security, and to be able to secure a five-year fixed deal at two-year prices is unheard of.
“Borrowers coming to the end of their fixed deal or those who are currently sitting on their SVR should seriously consider opting for a new fixed rate now, as rates will inevitably go up at some point in the future.”
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