It would be true to say that the general public and the mortgage industry are anticipating lower interest rates in the coming months.
Although the Bank of England have not reduced the base rate, which influences mortgage products, lenders have been reducing the interest rates on some products over the last few weeks.
However, lenders have been selective and rate reductions have only affected certain type of products.
The rate reductions have also varied quite markedly between lenders to attract certain borrowers.
Fixed rates are popular as they offer certainty, which is a key priority for high proportion of our clients.
At present 2,3 and 5 year fixed products are the most commonly available from most lenders on the market.
Currently, the cost of a 5 year fixed rate is lower than a 2 year rate. This isn’t usual as the certainty of payment over the longer period, historically has cost more.
As a result, borrowers may be tempted to select a 5 year fixed rate purely on the basis of the lower monthly payments.
This isn’t a straightforward choice however and one that we believe needs support and advice from an independent mortgage adviser to make sure whatever option selected, it meets a client’s short term and longer term needs.
Written by Jack Devlin, APR Money Limited
At John German we work alongside APR Money Ltd who can provide advice across the whole of the mortgage market and a thorough review of the lending options for clients, to secure the most cost effective and appropriate product for your needs.
Book a no obligation appointment here and a mortgage advisor will be in touch ASAP.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Date Posted
July 31, 2024
Article Category
Author
Lucy West
Share this article:
Keep up to date with the latest advice sent to straight to your inbox
Simply enter your callback request below and a member of the John German team will be in touch shortly to help.
Once you’ve subscribed, the guide will be emailed straight over to you!
Once you’ve subscribed, the guide will be emailed straight over to you!
To receive the latest advice on moving, selling or letting.
You can unsubscribe at any time at the foot of every email.
Simply enter your details below and a member of the John German team will be in touch to arrange your virtual valuation.
Please enter your details below and attach your CV along with a covering letter for our future reference. If a job role becomes available that we think would be great for you, we’ll be in touch.
Simply enter your details below and a member of our team will be in touch shortly to help.
Simply enter your details below and a member of our team will be in touch shortly to arrange this with you.
Please select the type of private valuation you would like and enter your details below. A member of our team will be in touch shortly to help.
Simply enter your details below and a member of our team will be in touch shortly to arrange this with you.
Please fill out some personal details and choose a service to enquire about and we will get back to you with an appropriate response.
Simply enter your details below and a member of the John German team will be in touch shortly to arrange this with you.
Simply enter your details below and a member of our team will be in touch shortly to arrange this with you.
Simply enter your details below and we will start the ball rolling by putting you in touch with Apr Money Limited. A member of our team will be in touch shortly to arrange this with you.
Use our yield calculator to estimate the gross annual rental return on a property.
Use our Stamp Duty Tax calculator to see how much you will have to pay on the purchase of your property.
Our easy-to-use mortgage calculator will give an estimated monthly mortgage cost for your borrowing range.
Simply enter your viewing request below and a member of the John German team will be in touch shortly to help.
Please select the type of survey you would like and enter your details below. A member of our team will be in touch shortly to help.
Choose an enquiry type and fill out some personal details and we will get back to you with an appropriate response.
Please enter your details below and attach your CV along with a covering letter. A member of the team will be in touch shortly.
Simply enter your details below and a member of the John German team will be in touch to arrange your free valuation.
Simply enter your details below. A member of our team will be in touch shortly to find out more about your property search.