Are we set to see more 15-year fixed-rate mortgages?
- 4th September 2019
- Buying Property News
First-time buyers and existing homeowners benefiting from a wider range of mortgage products
Yorkshire Building Society has become the second lender this year to launch a new range of mortgages that enable borrowers to secure a fixed interest rate for up to 15 years. This follows Virgin Money who also launched a wider range of mortgage options earlier this year.
Fixed-rate 15-year mortgages can be great for homebuyers who are seeking greater long-term certainty about the mortgage rate they’ll pay. Despite any economic fluctuations, borrowers taking out these mortgages can rely on a set rate from now until 2034.
While locking into a long-term fixed-rate mortgage is not suitable for everyone, particularly not those that might want to move within the next 10 to 15 years, they can suit borrowers buying or re-mortgaging their permanent home.
Stephen Ludlow, Chairman at ludlowthompson, says: “The intensifying battle for new business within the mortgage market has resulted in a far better deal for prospective buyers.”
“This competition for mortgage products continues to help keep interest rates down, making mortgages more affordable for buyers. Homebuyers are more likely than ever to find a mortgage product that fits their needs.”
“Using a fully regulated estate agent like ludlowthompson, that goes the extra mile with assisting buyers moving into or around London, will make all the difference when purchasing property.”
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Dylan Wanigasekera via Google Reviews:
“Emma Nettleingham & Terence Cunningham were phenomenal. They sold our place in a matter of week after it was on the market with other agents for 3 months. They were honest, upfront and continuously engaged with us. Once the offer was in they worked with us to make sure that everything was working well. Great work all round!”
Eesa Chaudhry via Google Reviews:
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The intensifying battle for new business within the mortgage market has resulted in a far better deal for prospective buyers.
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