9:12 AM, 9th April 2020, About 2 years ago
During the last few weeks there has been a rush of borrowers taking advantage of all-time low residential interest rates. Due to the impact of Covid-19, the Bank of England has taken the unprecedented step of making two cuts to the base rate in quick succession. First there was an initial emergency cut to 0.25% just before the budget, and then a further cut to the record low 0.1%.
Whilst not the best news for savers, it is great news for most borrowers on tracker rates (i.e. a mortgage which tracks the base rate), those looking to re-mortgage away from there lenders standard variable rate (SVR) or for borrowers whose fixed rate period is coming to an end in the coming months.
In this period of uncertainty, mainstream lenders have confirmed their commitment to the Residential re-mortgage market, with many now making use of desktop/remote valuations (I.e. Valuations are undertaken remotely, with no need for a surveyor to make a physical inspection) & updating product ranges to reflect base rate changes.
Now could be the perfect time to take advantage of a new deal, and gain some certainty for your main residence mortgage account in these uncertain times.
Current main residence product highlights include:
Up to 60% LTV
2 Year Tracker @ 1.20% / £999 Lender Fee ** £750 Cashback on Completion
2 Year Fixed @ 1.24% / £995 Lender Fee
5 Year Fixed @ 1.44% / £999 Lender Fee ** Free Legals
Up to 75% LTV
2 Year Tracker @ 1.34% / £999 Lender Fee ** Free Legals
2 Year Fixed @ 1.26% / £995 Lender Fee
5 Year Fixed @ 1.54% / £995 Lender Fee
Up to 80% LTV
2 Year Fixed @ 1.45% / £995 Lender Fee
5 Year Fixed @ 1.77% / £995 Lender Fee
You can contact my team at Brooklands today using the form below for a comprehensive assessment of your requirements and we will search the whole of the market to find the best available deal for you.