Now could be a favourable time to secure a fixed mortgage rate, as indicated by a recent report from the BBC. Two-year fixed mortgage rates have experienced a decline, reaching their lowest point in nearly seven months, driven by lenders seeking to retain their customers. Reportedly, the rate has dropped from around 5.92% to 5.87% in just a day according to Moneyfacts. Halifax, HSBC and NatWest, to name a few, are examples of lenders who have already reduced their mortgage products. It is anticipated that reduced rates are due to continue.
Approximately 1.6 million existing borrowers are currently on cheap fixed rates that are soon set to expire.
When their term expires, whether that be a two year or five year fix, they will then transition to a variable rate, which can be costly. However, they have the option to remortgage their property and secure another great deal with a new provider. It is important to shop around and explore various remortgage deals to find the best possible deal.
Richard Fearon, chief executive at Leeds Building Society, told the BBC’s Today programme: “This mortgage price war has become very visible this week. There is always a Christmas slowdown, but we’ve seen the market come back with a bang and it’s really competitive. Rates are down one percentage point or so since their peak.
In response to the reduced fixed mortgage rates, Nick Hay, Partner at Jones Whyte, has stated: “With major high street mortgage providers offering progressively reduced rates for residential mortgages, the outlook for first-time buyers and home-movers alike continues to improve. The return of sub-4% fixed-rate products in particular is a welcome milestone and we are excited to see how the market will react as the availability of more attractive mortgage products increases.”
Are you planning on remortgaging?
If you’re considering switching to a new lender to secure a better deal, you could save hundreds of pounds each month and thousands over the span of your mortgage. It is undoubtedly worthwhile doing so, however, the process isn’t always going to be straightforward. If you decide to remortgage, a solicitor is required to help you complete all the necessary paperwork and arrange the transfer of funds once the process is complete.
How can Jones Whyte help you remortgage?
At Jones Whyte, we have a highly experienced team of remortgage and conveyancing solicitors who will help ensure the successful completion of your remortgage deal. They can advise you on various legal processes relating to your property, including mortgage discharge and title transfers.
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Speak to one of our experience legal team, and get responsive, clear, and straightforward legal advice and support.
Looking to buy a new home this year?
As we welcome in a new year, some people like the idea of seeking a fresh start. Moving to a new home or buying a first home can symbolise a new chapter in people’s lives.
Purchasing a new home is a memorable experience, and Jones Whyte would like to help make it a happy memory for you. Whether you’re a first time buyer, purchasing your first family home, or looking for your first development project, our highly qualified conveyancing solicitors in Glasgow will take the time to understand what is important to you. They will guide you through the process and provide bespoke advice on navigating the buying process.
Get in touch with our expert property team today, who will be able to assist you with all aspects of property law and conveyancing. Call 0800 292 2034 or fill out the form on our website.
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