Amy Kadir, Mortgage Broker - Two-and five-year fixed rate mortgages fall

Wednesday 26 July, 2023

Base rates not forecast to rise as much in 2023

On 19th July 2023 better than expected inflation figures were announced, this is encouraging news for the Bank of England as they are now not forecast to raise base rates as high in future. This had a positive impact on two- and five-year fixed rate mortgage deals as mortgage rates fell on the news.

What is the current rate for a two-and five-year fixed rate mortgage

According to data from Moneyfacts the average two-year fixed rate mortgage on 19th July fell from 6.81% to 6.79%, the average five-year fix is down from 6.33% to 6.31%. 

Amy Kadir, mortgage broker St Albans, Hertfordshire said:

’The mortgage market has been very volatile recently and we have experienced mortgage lenders pulling products and rates at very short notice which is really distressing for our customers who are trying to move house or remortgage.   It’s great that mortgage customers have finally got some positive news on fixed rate mortgages. Although the two- and five-year fixed rate mortgages have not fallen very much it is a good sign. As the mortgage market is so precarious, we recommend anyone who is looking to remortgage during the remainder of 2023 speak to your local Lonsdale Mortgage advisor in St Albans, Lichfield, and Chippenham. Once your mortgage has been offered mortgage lenders will normally honour the offer for up to six months which is useful for our customers as it provides some certainty.  During the six-month period if mortgage rates continue to fall, we can reapply for another mortgage product and rate to take advantage of a better mortgage deal, but if rates do go up again you can stick with the original mortgage deal. Either way, you will benefit and there is more chance that you will be able to complete your house purchase or find the best available remortgage deal.’

Amy Kadir, mortgage advisor St Albans, Hertfordshire continued:

‘Our local mortgage brokers in St Albans, Lichfield and Chippenham are used to working with customers and finding the best mortgage deal for their personal circumstances. Our mortgage brokers have access to different mortgage lenders and products through a central mortgage database so you shouldn’t miss out on the right mortgage deal for you. We will discuss your mortgage requirements when we speak to you, consider your savings and other assets, review your current and future income and expenditure before recommending a mortgage product suitable for your lifestyle. We can also save you time and help you progress your mortgage by completing your mortgage application with you.  We can also liaise with your mortgage lender and solicitor and progress your mortgage application so you complete quickly if you are under time constraints.  There has never been a better time to contact a mortgage broker for mortgage and protection advice given the volatility in the mortgage market and our experienced mortgage broking team have up to date mortgage information which will help you secure the best mortgage deal available.  If you would like an initial mortgage consultation please contact our Lichfield, St Albans, or Chippenham office.  For general mortgage advice call our dedicated mortgage brokers on 01727 845500 or complete our booking consultation form and we will be in touch.’

In Summary…

If you are due to remortgage or move house in 2023 act today and save time by calling your local Lonsdale mortgage broker. 

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up the mortgage repayments. 

For more information read:

Amy Kadir - How the Consumer Duty affects mortgage customers
Amy Kadir - Could you reduce your mortgage payments?
Important information for first time buyers

 



 

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