The average interest rate for a 2 year fixed rate mortgage rose from 6.52% to 7.07% last month. This means that borrowers coming to the end of a 3 year deal on a £150,000 mortgage could see a £158 repayment increase in order to fix for 3 more years!
1. Get a Fixed Rate Deal Now
Whilst getting a mortgage may be more problematic than usual, it's actually a great time to be a buyer - as house prices are falling across the UK.
Take advantage now with our exclusive fixed rate deals!
2.Tips for getting a Great Mortgage Deal
Here are my top tips for securing a cheaper mortgage:
Keep your mortgage terms as short as possible - the shorter the term, the less interest you pay
Always factor hidden charges into your purchasing decision; arrangement fees, exit penalties etc.
Don't forget smaller lending institutions - eg. building societies - they can have great deals
Use a broker - they do the legwork for you, comparing 1,000's of products for the best deal
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