Great time for remortgagers to fix, advises MoneySuperMarket

Posted on Thursday, November 5 by Joy Tibbs

Remortgage customers and homebuyers looking to get the best possible deal should consider fixing their mortgage now while providers are cutting rates, advises MoneySuperMarket.

The comparison site analysed average fixed-term mortgage rates and that found they have crept down to some of their lowest-ever levels again, despite speculation of a base rate rise next year. The average rate for a five-year fixed deal currently stands at 3.45% compared with 4.06% last year and 4.67% in 2012. 

Shorter-term mortgage deals have also followed the same pattern, with the average three-year fixed rate coming in at 3.21% compared with 4.8% in 2012. Similarly, the average two-year fixed rate is now 2.9% compared with 4.48% in 2012.

Those looking to secure their mortgage rate for a longer period will find there are now more deals to choose from. There are currently 41 ten-year fixed rate products on the market compared with just 35 last month.

Dan Plant, consumer expert at MoneySuperMarket, said: “Mortgage lenders are doing a U-turn, decreasing their rates again after hiking them over the last couple of months. Even though the Bank of England base rate hasn’t risen yet, it’s still a case of when rather than if, so any homeowners looking for a cheaper deal should take advantage of the current low rates.

“Many lenders allow mortgage holders to reserve rates available now for up to six months for a small fee, so even those who still have some time left on their current deal can benefit.”

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