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Saving money on your mortgage

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Depending on everyone's individual circumstances, now is the most rewarding time to re mortgage for 6 years an independent analysis of the home loan market has found.

A series of drastic rate cuts by lenders has increased the incentive to take a fixed rate to levels unseen since Northern Rock collapsed in August 2007 and Britain was sucked into financial crisis.

In an analysis of banks' loan books by financial researchers at Standard & Poor's suggests that more than 50% of borrowers could save money by switching to a cheaper mortgage deal.

Borrowers currently on their lender's standard variable rate (SVR) could save tens of thousands of pounds over the next two years by re mortgaging.

According to Standard & Poor, the average customer with 15% equity can now save 0.5% points by re mortgaging, while someone with more than 40% equity stands to save 2.1% points.

Massive net savings can be made even on products where there are costs involved in re mortgaging.

There are many options available with choices of products that provide fee ifree ncentives as well as interest rates that are lower than current SVR's.

5 year fixed rates best ever?

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No change again with Bank of England base Rate which remains at 0.5% where it has been for over 3 years now.

But for how long? That is the question.

We can't be sure and if you listen to different economists they will come up with different answers.

What we can be certain about is that 5 year fixed rates are currently lower than ever and now may be the time to consider looking at these rates as there are very competitive ones at all loan to values.

 

 

 

Base Rate

Base rate remains at 0.5% again

Need Mortgage advice?

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Providing mortgage advice in Bolton and surrounding areas of the north west, Manchester and Lancashire.

Advanced Mortgage Solutions provide a friendly, professional and efficient service to clients new and old.

Whatever your circumstances we are here to help. Whether you are a first time buyer or have a poor credit history we are not here to judge you, only to provide genuine advice and guidance and a solution, if there is one available.

Why not give us a call? You might be surprised at how we are able to help many of our clients, even where they have been turned away by high street lenders.

 

 

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