![]() ![]() “I could give a client one rate at 9am, then have to call back at noon and say that deal is being withdrawn at 5pm today,” says Coreco’s Montlake. If a lender’s rate moves to the top of a best buy table, they will often withdraw it swiftly to avoid the operational challenge of a deluge of applications. ![]() The average mortgage product has an average shelf life of just 17 days, according to Moneyfacts - an all-time low. Whether you’re buying a home or remortgaging, speed is of the essence. However, non-billionaires are likely to value the certainty of a fixed rate on their biggest monthly outgoing. High-profile US investors Cathie Wood and Ray Dalio have both said they expect to see rate cuts in 2023-24. Mortgage brokers report early signs that more borrowers are prepared to gamble on a two-year fix, betting that central banks will be forced to cut rates in a recession. Add the fees to your loan, and you’ll be paying interest on top. However, deals with the lowest rates tend to have the highest fees (typically £1,000 or more). The more equity you have in your home, the better the rate you will be able to secure. The average two-year fix is a shade under this at 3.95 per cent. ![]() You won’t thank me for saying that the best time to fix your mortgage was six months to a year ago.įive-year fixes are still the most popular product, but the average rate offered on these deals breached 4 per cent in August, according to Moneyfacts - a level last seen in 2014. This figure has increased for eight consecutive months and is likely to swell further, adding up to a huge payment shock for those who roll off a fix. ![]()
0 Comments
Leave a Reply. |