Protect Your Mortgage Payments and Income:
5 year fixed rate
At last the return of the 25 year fixed rate
mortgage (at the time of writing this 22nd October 2012)
It went out of favour for a long time but at least
one lender is dipping their toe into the water to see if the demand is
Click here for help from
a Mortgage Arranger who can source the latest interest rate offers
The credit crunch has forced virtually all lenders from issuing
mortgages with a deposit of less than 15%, with some mortgage lenders
still asking for a deposit of 25% before they will agree the mortgage,
however a 10% deposit can still be regarded as sufficient by at least
one lender. The interest rate may be a little high compared to what
was available a year ago, but at least it means some first time buyers
can now stand a better chance of entering the market, and that cant be
a bad thing.
can now fix their mortgage rate for 25 years with a UK mortgage
lender. This means that monthly mortgage payments will
be fixed and not change for the full 25 years, no matter what happens
to the Bank of England base rate.
Historically the "early repayment charges" have been higher for the
longer term fixed rates, but with this latest 25 year fixed rate
mortgage offer the fees for changing your mind and switching to
another lender before the 25 years are up reduce over time. They are
1.5% in the first 5 years, then 0.75% for the next 2 years and no
early repayment charges after 7 years. That means a borrower that opts
for a 25 year fixed rate mortgage is free to alter the lender and
rates after only 7 years.
Obviously if conditions favour the borrower they are
free to remain on the 25 year fixed rate for as long as they wish once
the first 7 years have passed which will give them long term peace of
mind about their monthly mortgage payments.
So at last the question "where can I get a 25 year
fixed rate mortgage" can be answered.
25 year fixed rate mortgage
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products and is not intended to promote any specific mortgage or
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information purposes only.