It appears as though after many months of record highs, the rates for fixed rate mortgages are starting to come down. Given that more are seeking the security that a fixed mortgage can provide, this does appear to be good news. Although rates are declining though, experts encourage consumers to double check the fees for fixed mortgages, since many banks are still charging more than they did at this time last year. Approvals for fixed mortgages are still down, but this may be changing over the next few months as banks get more competitive. It may be best to wait for these changes to occur, in order to get the best fixed mortgage.
‘Both fixed and tracker rates have come down over the past couple of weeks and there is probably not a lot of difference between what you would pay now and what you paid a year ago,’ says Richard Morea of London & Country.
‘But there is still limited availability of funds and lenders have no appetite for high loans-to-value. It is difficult to predict how the market will react come September and it will be a very interesting to see if volumes pick up again.’
Related reading: Fixed Mortgage
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