A few weeks back, James wrote about record-low mortgage rates which are largely due to more people choosing fixed-rate mortgages.
Well, Nationwide has just trumped our headlines by announcing their lowest fixed rates in 160 years.
For new buyers looking to borrow 60% LTV (Loan to Value) for a property, they’re talking under 2% (1.94%) on a two-year, fixed-rate mortgage. For existing borrowers? 1.84%.
Other lenders are also reporting their lowest-ever fixed-rate mortgages, so the record-lows continue into the autumn.
It is good news to see more mortgage products being offered, and it’s a good time to go through your shopping list if you’re looking to buy. This good news for the market comes with some added complexity for the buyer. But that’s a very good thing overall. It is also a good time to get independent financial advice, so give us a ring and we can help you with your choices.
