"Lowest ever 5 year Fixed Rates"

Reported in today's "Financial Times":

"The lowest ever five-year fixed rate on a UK mortgage will be launched today as banks and building societies continue to slash the cost of fixed-rate home loans in response to the eurozone crisis which is holding down the cost of borrowing in the UK.

Over the past month, mortgage lenders have made significant cuts to fixed-rate loans following a sharp drop in swap rates - the rate at which banks lend to each other and price the cost of fixed mortgages.

Banks are currently able to negotiate five-year swap deals at about 2.2 per cent due to expectations that interest rates will remain depressed over the longer term".

This doesn't mean we can get rates priced at this level, because banks add their margins and these margins increase as the percentage you borrow against the value of the property increases (LTV).

It is not impossible to get a five year fixed rate lower than some lenders currently charge on their Standard Variable Rate!

Even at 85% LTV there is a lot more competition out there than at the beginning of 2011.

So why not see if you can pay for your summer holiday by making savings on your mortgage?

More lenders at 90% and now 95% Loan to Value

In a further indication of their willingness to lend, two more lenders have made themselves available for first time buyers with a 10% deposit over the last week.

Even better news, is that one lender has moved back into the 95% LTV bracket, so just a 5% deposit required!

We can help you see if you are eligible and for the right people this has to be good news!

Why not call to arrange a free no obligation chat to see if these options are open to you?

Mortgage Availablity at 30 month high!

Figures from Moneyfacts Group have revealed that the number of mortgage deals is increasing, and is currently at a more than two and a half year high.

 

There have been rises across the loan-to-value tiers, with the exception of 100% loan-to-value mortgages, which lenders appear loath to offer again. But buyers with a 10% deposit have seen their options increase considerably; there are currently 261 products at 90% loan-to-value, up from 176 at the same point last year.

 

The tier with the highest number of mortgage products at present is 75% loan-to-value, which is comprised of just over 800 residential home loan deals.

 

As a result of increasing numbers of mortgage products, rates have fallen. Figures from Moneyfacts Group last week showed that mortgage rates have fallen to their lowest point in 23 years. The average two year fixed rate product is at 4.32%, the three year at 4.92% and the five year fixed rate at 5.29%. In addition, the average two year tracker rate has fallen to 3.37%.

 

"Lenders appear to be applying the recent cuts equally across all loan-to-value tiers, which is good news for first-time buyers," commented Michelle Slade, spokesperson for Moneyfacts Group. "Previously, cuts were only being applied to lower loan-to-value bands," she added.

Why use a broker? Guide from "Your Mortgage" magazine

You may find the linke below useful, in answering some background questions.

http://viewer.zmags.com/publication/843eea7d#/843eea7d/1