Finding the Best Fixed Rate Mortgage
The best fixed rate mortgage, what is the answer to that question? With interest rates dropping for the last couple of consecutive months, lenders change and withdraw offers fairly frequently so the answer to that question is to do your research. Many best fixed rate mortgages are only available for a short amount of time so checking the best buy tables regularly will ensure you dont miss out on those deals.
With interest rates now down to half a per cent this is the lowest they are going to go too. There wouldnt be any real benefit to drop them any further. Whether it is a good time to look for a fixed rate mortgage or not is a good question. The low interest rates do mean lenders can offer lower rates however the rate at which they lend and borrow money to each other, the London Inter Bank Offered Rate (LIBOR) is currently much higher than the base rate. Until lenders are comfortable lending to one another and return to lending at the same levels they did before the credit crunch good rates may be hard to come by or unattainable by many.
If you do decide to go for a fixed rate mortgage, the internet has a wealth of information to help you. Once you have a good idea of what you want and a better understanding of mortgages, getting professional advice would be my advice.
Mortgage brokers are professionals who can answer all your questions with confidence; they have expert knowledge and experience of the market. They are in the best place to help you first of all find the best fixed rate mortgage to suit your circumstances. A whole of the market mortgage broker will, as the name suggests, search every lender, every deal. They offer additional benefits from giving advice and help with the mortgage application process.
Whatever you do dont go to your bank they will simply offer you a mortgage from their limited range, you could end up paying thousands more in repayments over the course of the mortgage.
Kim has 2 years experience in the financial service industry and working with
. She enjoys writing on various financial topics.
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