Mortgage rates are to remain at a record low as the Bank of England kept its base rate the same at the latest meeting. And that’s good news for those looking to remortgage by switching to a better deal.
Bank of England governor Mark Carney has warned that the effects of Brexit could bring more regular rises in the base rate after more than a decade at its lowest-ever levels.
However, that is for the future, meaning onw is the time for homeowners who want to reduce their monthly repayments to lock into a new deal at a lower rate.
At the moment, the base rate is sitting at 0.75 percent, and because of that low rate, mortgage lenders are competing with each other to offer the best possible rates to new and existing customers.
Moneyfacts reports that research from the Yorkshire Building Society suggests homeowners with a mortgage could save up to £300 a month by switching to a more competitive repayment rate.
And the financial comparison site has listed the best fixed-rate deals on the market right now. Those include a five-year deal on offer from Santander at 1.89 percent. The loan-to-value (LTV) on that deal is 75 percent and anyone taking out the deal will have to pay a fee of £999.
Yorkshire Building Society has a two-year fixed rate deal at the remarkably low rate of 1.54 percent. That comes with a 65 percent LTV and a fee of £995.
Homeowners should shop around for the best deal for their circumstances. Once you’ve sourced that deal, talk to In-Deed about the conveyancing services essential for remortgaging.
We offer competitively priced, high-quality conveyancing services from a panel of property lawyers across England and Wales.
Call our team now on 0800 038 6886. Or get a no-obligation instant conveyancing quote here.