Three-year fixed rate mortgages getting cheaper
The withdrawal of the mortgage Funding for Lending Scheme earlier this year has pushed up the cost of fixed mortgage rates, although strangely three-year fixes are getting cheaper, according to Moneyfacts.co.uk.
Their figures show the average two-year fixed rate mortgage has risen to 3.81%, up from January's average rate of 3.52% - while the typical three-year fix is 3.79% - down from 3.83% in January. They also say the average five-year fixed rate currently stands at 4.21% and this is up from 3.92% in January.
Sylvia Waycot, editor at Moneyfacts.co.uk, commented on the findings: "Attractive deals are still available, but borrowers need to look beyond the overtly marketed ones. Three-year fixed rate deals can easily be overlooked as they tend to not be the norm or readily marketed by providers, and yet they are as viable a product as any two-year mortgage."
If you would like help to secure a fixed rate mortgage, call Trinity Financial on 020 7016 0790.
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
