And here's why...
- Fixed rate deals are on average 1% lower than they were 2 years ago in 2012
- Many fixed rate deals are below standard variable rates
- Lenders want to lend money. They are competing heavily on price to be best and so are offering some amazing deals
So even with rates set to stay low, you could save some money by fixing now.
Here are some standard variable rates with well-known lenders:
Northern Rock 4.79%
Leeds Building Society 5.49%
Coventry Building Society 4.74%
Yorkshire Building Society 4.99%
Principality Building Society 4.99%
Now let's look at some of the 2 year fixed rates that are available at present:
90% Borrowing - 3.25%
85% Borrowing - 2.49%
80% Borrowing - 2.19%
75% Borrowing - 1.89%
Obviously you do need to qualify for these rates and we all know that lenders are very picky at present as to who they will lend to and how many hoops you have to jump through to get a mortgage.
But these rates are simply so much better than the standard variable rates - particularly if your mortgage is 85% or less of the property value. And these rates are what you will be charged for the next 2 years - even if rates start to go up. It is definitely worth seeing if you can get one of these!
To find out, please call me on 0844 736 1920 to discuss this further.
If you are in any doubt as to what to do, let me make it clear to you:
If your mortgage is on a variable rate with Halifax, Nationwide, Santander, Virgin, NatWest, HSBC, Leeds, Coventry or Principality then please call me on 0844 736 1920 to see if you could save money.
And do it now. Before rates start to get higher.
Remember that your home is at risk if you do not keep up your repayments.