5 year fixed rates are in big demand as homeowners
look to lock into a period of stability.
Click here for help from
a Mortgage Arranger who can source the latest interest rate offers
Although longer term fixed interest rates come with higher payments
then the shorter term rates, they have the added advantage of knowing
that you don't have to trawl the markets for another 5 years and all
the headaches that that brings.
Another important point is that all fixed rates come
at a price, and this can be in terms of arrangement fees, reservation
fees and early repayment fees, should you change your mind and try to
opt out of the arrangement before the date set by the lender.
5 year fixed interest rates can be as low as
2.99% if you have a substantial mortgage deposit, but can be 6% or
more if you are borrowing 95%
Santander is one of the lenders who seem prepared to
offer the low 5 year fixed rates, but only if the deposit is 40% (at
the time of writing this - 26th October 2012)
No doubt the Halifax will also follow suit as they
have a reputation of going head to head for customer acquisition.
All this is good news for current homeowners but
will be of little help first timers and low deposit bowwers.
The mortgage lenders are keen to keep their risk
exposure low and so the best 5 year fixed rates are only
on offer to their existing borrowers or those with big deposits to put
down as security.
"where can I get a 5 year fixed rate mortgage"
5 year fixed rate mortgage
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