The Ideal Time To Apply For A Mortgage Or A Remortgage
The recession offered one advantage and only one and that was that the interest rates of both remortgages and mortgages are low.
The Government of course, as probably everyone in the country knows, brought in a new interest rate for the Bank Of England Base lending rate of half of one per cent which is the lowest in history.
The UK economy slumped and no new growth at all was seen as industry after industry struggled to keep their doors open as order books remained empty and construction workers in their thousands were made redundant. Thousands of swish new estates of expensive homes stood empty with no buyers interested, and these were properties that were very popular before.
In an attempt to sell the unsold properties many well known builders offered all sorts of enticements to attract buyers to their properties, and it was possible to have upgraded bathrooms, kitchens, soft furnishings, etc. all thrown in for no additional cost.
Sometimes massive discounts were given off the purchase prices with homes previously on sale for 700,000 being reduced by 100,000 or even more than this.
This is the why the low 0.05% base lending rate was brought in as low rates of interest were expected to encourage people to borrow and in particular to buy a new home and now with rates available for both mortgages and remortgages it was expected that the public would be encouraged to buy a home.
When some wants to buy a home they must always apply for a mortgage and with the base rate at the lowest rate in history, mortgages and also remortgages followed and were at their lowest ever interest rates.
Fixed rate remortgage and mortgage rates are currently on the mortgage market at from 2.99% which is excellent.
Fixed rates stay the same for the period that the rate is originally fixed which is from one year to normally a maximum of five years meaning that the applicant knows exactly how much he must pay for the fore see able future.allowing some security in an un certain world.
However fixed rate mortgages and remortgages are also very low currently with rates available from 2.99%
Fixed rates, as the name states, remains fixed for a certain agreed period which is usually between twelve to sixty months, and naturally during this time the repayment of the mortgage or remortgage will not change.
The low mortgage interest and remortgage rates available now make it a time to obtain a great rate for remortgages or mortgages before rates increase in the near future, as these low remortgages and remortgages will not always be with us.
Want to find out more about remortgages, then visit Champion Finance’s site on how to choose the best remortgage for you.
Processing your request, Please wait....
