Fixed rate mortgages are near to all-time lows!
This year we have discovered from new research that a two-year fixed rate has dropped to almost record lows. According to data analyst Moneyfacts, the average two-year fixed rate now stands at a paltry 2.54%, compared to 3.13% at this time last year. Borrowers with a high deposit or equity in their property can fix at even lower rates. Two-year fixed rates are a favorite product among first time buyers and home buyers as monthly payments stay the same even if interest rates fluctuate, this suits first time buyers as they are able to budget from month to month. Rates on two-year fixed deals tend to be among the best on offer and are generally lower than three and five-year fixes.
Two-year fixed rates are very popular but since the Mortgage Market Review came into effect in April 2019, getting a mortgage has been much harder. Lenders go through borrowers’ affordability to check they can afford the mortgage so, if they see anything alarming then the chances of being accepted are small.
The second most popular loan in the UK is the bridging loan, this is used as a short-term finance option, typically used by property buyers to ‘bridge’ the gap between the sale of their current home and completion date on the purchase of their next home. These loans let homeowners who are struggling to find a buyer move into a new property before selling their existing home. Everyone wants the best bridging loan and you can sure find the best with all the companies around today. The only down side to bridging loans is the broker fees and high interest rates as the loans are short-term, rates are sometimes expressed as the rate per month. Here is an example, a rate of 1.5% a month translates to 18% APR.
The UK Mortgages & Remortgages are a company who offer a high quality service to all customers looking for Bridging finance, and this includes free advice and no broker fees for Bridging finance. The owner Kevin Sewell stands out from other bridging companies in the industry – There are NO BROKER FEES on bridging finance and they offer expert advice, with a simple hassle-free service to suit clients’ requirements.
To find out more information on bridging loans visit there site listed below: