Plenty of borrowers took advantage of low rates on two-year fixed rate mortgages 24 months ago, and a good number are due to come off those rates over the next couple of months.
Data from Moneyfacts reveals that the average 2-year deal was priced at 2.30% in May 2017, so those borrowers who took advantage are soon to move to lender’s Standard Variable Rates (SVRs), the average of which is 4.89%. You don’t have to have a masters in applied mathematics to see that many people’s interest rates will double.
The good news is that there are plenty of great deals about right now. So, taking action and getting on with a new remortgage application makes perfect sense. Some people will even be able to save money on their current fixed rate monthly payments, with rate as low as 1.5% available on the current crop of two-year fixed rates.
If you’d like to find out what your options are then just get in touch and we’ll let you know what’s out there
コメント