News
Mar 28
Interest Rates at Six Year Low
Bank of England figures show homeowners securing a new mortgage are enjoying the lowest interest rates for six years.
As at February 2010, a two year fixed rate deal stood at 3.88% on average; a drop from January’s 3.97% and hitting the lowest level since July 2003.
Five year fixed rate deals also witnessed a drop from 5.56% in January to 5.49% the following month.
Tracker home loans, however, had increased slightly, although they are still at their lowest level since 1997.
Lenders have introduced a series of interest rate reductions recently in order to raise their competitive edge and encourage existing customers to remortgage. They have also been reducing costs for borrowers with smaller deposits.
Geoff Charles, Managing Director of Bower Mortgage Company, says now could be a good time to review an existing mortgage, especially for those currently on a Standard Variable Rate. He says, “With interest rates likely to rise due to the current political situation and fixed rate deals at a six year low, there has never been a better time to review your existing mortgage and at the same time ensure you have protection in place to safeguard your repayments, your family and your property.”
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.
Bower Mortgage Company: FSA regulated UK-wide mortgage advice from friendly, qualified, experienced mortgage planning specialists. Quality, face to face advice and a strong focus on building long term customer relationships. For money saving mortgage and mortgage protection advice, contact Bower on 0800 411 8668; e-mail info@bowermortgagecompany.co.uk.
