Mortgage lenders have been reducing rates generally and fixed rates for 3 and 4 years are now under 3.0% and 5-year rates at 3.5%. While the economy is probably going to mean that the Bank of England interest rate will remain low for some time still to come, those who want some future security should consider moving to one of the new fixed rates for 3 years or more.
However, these best rates are really only available to those whose borrowing is 70% or less of their property value and who can prove adequate income and have no credit problems. For those not in this category, rates are not going to be as competitive and it may be best to stay with your present lender. But feel free to give us a ring to check it out for you. We make no charge to investigate what might be available for you.
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