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.
Jones Whyte Is Here To Help
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 0141 674 6144 or fill out the form on our website.
Please note: This article is for general information purposes only and does not constitute legal advice. It should not be relied upon as a substitute for professional legal advice tailored to your specific circumstances. If you need advice on a legal matter, get in touch with our team.
