The average price of a 2 year fixed rate mortgage is rising.
According to data released by market analysts recently, the average price of a 2 year fixed rate mortgage is edging up. And this is despite the fact that a rise in the base rate is not now expected until August.
The end of September last year saw the average price for the 2 year fix drop to 2.17%. Since then, rates have been creeping up and have been recorded to be at their highest points than at any other time in the preceding 52 weeks.
Some lenders’ rates exceed 2.5% while others are coming in at just under. However, while the rate offered is the main point of focus, it is not the only thing to consider. All the terms and conditions should be factored in to gain a true picture of the overall value of the deal.
In contrast, rates for 5 year fixed term mortgages have been falling. Traditionally, the 2 year fix has been the most popular mortgage option, but the 5 year took over for a time earlier this year when a series of base rate rises looked imminent. However, the 2 year option has since bounced back, giving people security in the short-term, as well as flexibility.
Which option would be the correct option for you depends entirely on your individual circumstances. Our knowledge and expertise can be of enormous value here when it comes determining which lenders’ product offers you the best possible home-financing solution.
To find an above average mortgage at a below average rate, contact Deal Direct on 0800 048 8828.
