If you can afford to do so – now may be the time to lock in a great mortgage rate. A mortgage price war has just started in the UK, with rates hitting record lows. This is being done as an effort to jump-start England’s housing market.
Just this week rates on both five-year and ten-year fixes have dipped to the lowest levels that they’ve ever seen.
These new rates appear as the Land Registry showed that housing prices fell by 1.3% in 2011. There is an expectation that housing prices will continue to fall.
Michael Ossei, a personal finance expert at uSwitch said, “Although it may be a year or more before the Bank of England base rate rises, the only way for mortgage rates to go in the long term is up. Consumers can protect themselves by fixing now.”
It just might be time to head over to the bank and reap the benefits.