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News - Long-term fixed rate loan for your home loanShould you stick with a long-term fixed rate loan for your home or remortgage every few years?We have all become more financially savvy these days and tend to 'shop around' for our financial packages as we do for our consumer goods. Most homeowners now, on average, remortgage every 2-3 years. However, lender's fees for moving mortgages are beginning to cut away at the financial benefits. These added to higher valuation fees means that it can cost more than £1000 to change your mortgage. The government is encouraging homeowners to opt for more long-term mortgages at fixed rates, for periods as long as 25 years. Fixed rates will be will be a good deal if the interest rate keeps rising and peaks above the current 5.75%, but many economists are predicting that rates will reach 6.25% and then start to fall again. Most economic advisors will recommend a fixed-rate mortgage when interest rates are at a low, and after our recent 5 successive rises since last August we're not there. If you look for remortgage deals with free legal work and valuation fees they make moving mortgages still financially worthwhile. More NewsBank of England Review Base rateBrown promises three million more affordable housesInterest rates rise to 5.75 per centHouse prices up - Demand downWealth Gap biggest for 40 yearsHouse prices flatten |
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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