So that’s why I was interested to hear about Coventry Building Society launching a new seven-year fixed rate interest rate of 1.99%. But to get that eye-turning rate, you’ll need a substantial 50% deposit and there is an arrangement fee of £999. This fixed rate reverts to the Privilege Rate for the remainder of the mortgage, currently 4.24%.
For those without such a sizable deposit, there is also a 2.55% seven-year fixed rate available for those with 85% loan to value (also subject to a £999 arrangement fee).
Of course we’ve always made it our business to keep a close eye on all the new deals coming out. And with the expected base rate cut to 0.25% by the Bank of England on 4 August, we think it could make for an even more interesting array of fixed-rate deals. From two- to ten-year deals, we really should be able to find the right package for you.
And, according to the Office of National Statistics, the housing market isn’t showing any signs of slowing up just yet. In fact, the average UK house cost £214,000 in June 2016 – that’s £17,000 more than June 2015.
So we live in some interesting times – in terms of deals and also market action. We’ll keep you posted on the updates as and when we get them.