Rising Mortgage Rates in 2020
Average rates on two and five year fixed mortgage deals have risen for the fourth consecutive month, resulting in the average two year rate for borrowers with a 15% deposit now over 3%.
The very latest data due to be released in the Moneyfacts UK Mortgage Trends Treasury Report found that the average two year rate at this LTV now stands at 3.12%. This is an increase of 1.01% since July.
Now is the time to look for a mortgage deal that really suits you, rather than any old deal because your choices have become limited. If you are looking at mortgages but feel baffled by all of the deals and types out there right now, it’s perhaps time to seek expert advice.
Finding The Right Mortgage Deal
The internet is great for allowing us the opportunity to ‘Do it ourselves’ but the reality is that we don’t always have the time or it has to be said, the inclination to start the search. Procrastination is known to be a key stumbling block when it comes to potential home buyers searching for the best mortgages out there.
Sitting down with a broker is a good first step and keeps your search on track.
Don’t despair. There are some really great deals available to you right now and on top of that there is a fair bit of choice. There were actually more deals during November compared to the month before.
The housing market is booming. The current state of affairs across the globe seems to have done little to dampen people’s enthusiasm for moving. Circumstances such as those that we are experiencing right now seem to make us evaluate our current situation. Those amongst us that have been toying with the idea of moving, are moving forward with plans that were rather more in the future than the now. With a ‘life is short’ ideology that they may not have had before.