Get your summer mortgage bargain
Looking for a bargain? A number of lenders have been busy cutting their mortgage rates, lowering fees and increasing loan-to-values in an effort to drum up more business over the summer months, which tend to be quieter than the rest of the year.
Swap rates – the rate lenders pay to borrow from each other – continue to fall, making it easier for lenders to reduce the pricing on new deals. Borrowers who require the certainty of a fix are finding that they are becoming increasingly affordable, particularly for those with sizeable deposits or equity in their homes. Those who don’t need that certainty are finding ever-more competitive variable rates.
Several lenders have introduced competitive remortgage deals, with rates falling on fixed and base-rate trackers. Some lenders have removed fees altogether, making deals more attractive for those trying to save money on set-up costs.
However, borrowers should ensure that they are not tempted solely by the rate or reduced fee on a mortgage but look at the overall cost of a product. Just because you are being offered a discount, it doesn’t mean that it is the most suitable deal for you. Private Finance’s consultants are here to steer borrowers in the right direction, ensuring they get the right deal for their circumstances.
Private Finance has access to two-year discounted rates starting from 1.99 per cent and two-year fixes from 2.88 per cent.