…By Henry George for TDPel Media.
Moneyfactscompare.co.uk reported that as of Thursday, the typical rate for a five-year fixed-rate residential mortgage was 5.94%, slightly higher than Wednesday’s rate of 5.91%.
In October last year, two-year fixed-rate mortgages reached a peak of 6.65% due to market volatility following the mini-budget.
Springall also advised those currently benefiting from low fixed-rate mortgages to consider overpaying their mortgage if feasible, as it can help reduce the term of their agreement.
Additionally, Twenty7tec, a financial technology firm, noted that this week has been the busiest of the year so far for remortgage searches.
Borrowers also have the opportunity to revert to their original term within six months by contacting their lender.