Best buy mortgage rate gap reduces for 2 & 5 year fixed deals.

Some of the best buy mortgage deals in the current mortgage market could be 5 year fixed rate products.

The low BoE base rate and market swap rates have influenced mortgage rates for fixed deals. Recent rates for a 5 year fix are reducing and getting closer to those offered for shorter terms of 2 and 3 years.

According to recently reported statistics average 5 year fixed mortgage rates have reduced from 5.59% to 4.86% over the past 5 years. The best deals are currently advertised as low as 3.59%, which is lower than many lenders standard variable rates. Call Deal Direct to see if you could save money by switching to a fixed rate deal.

When looking for a best buy mortgage it is not just the rates that will help you decide which is the best deal. When you are comparing the lowest rates, you still have to consider that tracker or variable rates could rise in the future. The only way to know that your payments will not change from a low rate is to opt for the security of a fixed rate deal.

For longer term fixed rates of 5 years or more, you also need consider any penalties that may be payable if the mortgage ends before the fixed term. Early repayment charges can be set at a percentage of your mortgage balance and can be costly. This could easily exceed any advantage of a low fixed rate.

For professional advice on which best buy mortgage could suit your situation call Deal Direct. As 'whole of market' brokers we source the best deals from lenders throughout the mortgage market to save you money.