Declining rates: is now a good time to remortgage?

“Average mortgage rates for two- and five-year fixed deals have seen the greatest decline in a single month since May 2020. Data from Moneyfacts UK Mortgage Trends Treasury Report shows that for these average rates have now fallen for the third month in a row. The latest average rate for a two year fixed mortgage is 2.38%, a reduction of 0.14%, with a five year deal average of 2.63%, a 0.12% fall.” – Moneyfacts -September, 2021*

As mortgage lenders actively compete to bring consumers the best deals, we see rates on two- and five-year fixed rates especially take a dive. This great news for both first time buyers and those looking to remortgage.

With some rates even coming below 1% now could be the opportune time for you to look at remortgaging and seeing if you could save some money on your monthly outgoings.

Not only that, the reintroduction of 90% and 95% mortgages could mean homeownership is more affordable than before.

Those looking to seize the reduced-price opportunity should act quickly though as its likely these rates will not last long.

Get in touch today to see if we could get you a better rate on your mortgage.

Remortgaging doesn’t always guarantee that you’ll reduce your monthly outgoings, but it could. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.