Olivia has written various articles about best fixed rate mortgages and has researched the subject thoroughly. She also enjoys writing various other topics
You may have seen the shock headline in the UK press this week that a market leading building society will offer 125% mortgages, something we all though we wouldn’t see again. However if we did a bit deeper we realise yes it is true but is for those in negative equity who are moving into a new home. For those in this unfortunate position do have a look at the interest rates attached which to say the least are steep. You can find better fixed rate deals especially with the Bank of England rate so low. There are a number of deals on the market now and there have been signs of the market levelling out and signalling a possible recover in the near future especially with the contraction in the economy not being quite as severe as predicted. As no one knows for sure when the economy will start to pick up it may be best to lock into a good fixed rate deal now before interest rates do start to rise again. Mortgage rates are starting to improve and while approvals are up a little this month it may turn out to be the perfect time to lock in and benefit from a lower rate while others have to pay more as the economy recovers. Certainly I have heard reports of the majority of applications to be fixed rate mortgages.
To find the best fixed rate mortgage I would suggest seeking professional advice from a mortgage broker, ensure you either get a recommendation from a friend or family or choose a well established broker so you can benefit from their expertise. Go for a whole of market broker who will search the whole market so you can find the
best fixed rate mortgage and also see what else is on the market so you can ensure you aren’t missing out on a better deal. Using a mortgage broker to help you find the right mortgage can save you time searching around, they can answer any queries you may have and can often offer exclusive deals they have arranged with mortgage lenders.
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