Accord prices 10 year fixed rate mortgage at less than national average.
10 year fixed rate mortgages are proving to be an attractive option with many borrowers at the moment.
As a result of the economic uncertainty we are experiencing in the UK, the Bank of England is reviewing its policy regarding increases in the base rate and has hinted that they may come sooner than expected.
This level of economic unpredictability is prompting buyers and homeowners alike to seriously consider locking themselves in to a longer-term fixed rate. As a consequence, they would be buffering themselves against any further rises in the years to come and reasoning that interest rates will have leveled out by the time 2028 rolls around.
The average price for a 10 year fixed rate mortgage in the UK today is 3.05%. Accord Mortgages has just introduced their 10 year product at a much cheaper rate than the national average. The details are:
- 10 year fixed rate of 2.69% for up to 65% LTV + fee and standard valuation
What other details should you consider with a 10 year fix?
When researching this type of mortgage as an option, you should also look at whether the deal is portable. Many things can happen during such a long term and you may wish to move so a 10 year fix would become even more advantageous if you can take it with you.
You should also consider whether you can make annual overpayments and what the terms are for this eventuality.
Contact a Deal Direct expert for advice on this and other fixed rate mortgage options.