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Two Year Fixed Rate Mortgages Prove Most Popular

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Wed 09 Aug 2017

Two Year Fixed Rate Mortgages Prove Most Popular

People looking for the best estate agents North Lincolnshire has to offer should bear in mind that mortgage rates are set to rise.


They are already rising in fact, according to The Telegraph which showed that despite the Bank of England keeping interest rates at an all time low for a number of years now, interest rates set by banks and building societies for house buyers have been rising for a number of months now.


In fact, rates have been rising for people with both large and small deposits. Though people get a better rate with a larger deposit the trend has been tailing upwards for people with investments to make both big and small.


Richard Dyson in the Telegraph reported: “With a small 10pc deposit, two-year rates bottomed at 2.43pc in April and are now back up at 2.5pc.


“With a larger 40pc deposit, two-year rates bottomed at 1.24pc in April and are now back up at 1.38pc.”


Still the most popular mortgage is for a two-year fixed rate mortgage with borrowers still preferring the security that brings, despite the Bank of England’s base rate being so low for so long. Despite this, the size of the sums people are borrowing is growing, with the number of large deposit buyers dropping.


The Bank of England voted to keep the base rate at its record low of 0.25% on 3 August, prompting some speculation from the industry that they are going to rise soon. In fact people have been speculating as much for the past year.