I recently spoke with our associated Mortgage Experts about what the state of the market is. Here is the response below;
With a number of interest rate rises in recent times, a lot of people feel they may have missed the opportunity to review their mortgages.
This may not necessarily be the case.
A number of banks have been changing their fixed mortgage rates in the past month.
While we’ve seen rises in 6 month to 3 year rates, we’ve seen a reduction in 4 and 5 year rates,
meaning the mortgage curve is starting to “flatten”. This makes fixing for longer terms start to look a lot more attractive.
We think the 2 year rate is still right in the sweet spot, but there are exceptions to this, so it pays to discuss your individual requirements.
While floating rates have risen progressively this year, there are still people who are paying the full advertised rate and we may be able to obtain them significant discounts.
It is strongly suggested to everyone who is paying near, or on bank advertised rates that they get in contact. In most cases, their are significant savings to be made. Remember! Half a percent over the next few years on a $500,000 loan is a saving of “MANY THOUSANDS” of dollars.
Some banks are at the moment are still offering good discounted or special 2 year fixed rates (5.99%) for a limited time and are offering amazing cash incentives of up to $3,000 for customers wanting to refinance their lending.
So, it is not too late to revise your lending!
It’s a easy as a chat on the phone for a few minutes for most to see if they can save thousands and get a better deal.
A few minutes for a few thousand dollars of incentives and saved interest? Sounds like common sense to me.
It’s simple, send me an email or give me a call and I will point you in the right direction.
I hope you are all staying warm out there!
Or call, 0800 Be Wealthy ( 239 325 )
Matt Power. Managing Director. The MPower Group Ltd. “Client focused Expert advice since 2002”
Offices and partners. Nationwide.