Fixed-rate mortgages get cheaper
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Leading mortgage lenders are cutting the cost of their fixed-rate home loans, amid predictions that interest rates are now less likely to rise significantly over the next two years.
Leading mortgage lenders are cutting the cost of their fixed-rate home loans, amid predictions that interest rates are now less likely to rise significantly over the next two years.
David Hollingworth, of independent mortgage broker London & Country, said: "Earlier this year we were concerned about the rising cost of fixing your mortgage rate, but over the past week several lenders have begun to adjust their prices downwards."
Portman Building Society yesterday became the latest lender to cut its prices. From today, it is offering a two-year fixed-rate deal costing 4.55 per cent a year, down from the previous price of 4.68 per cent.
Other lenders to have announced cuts in fixed rates include Scottish Widows Bank, Northern Rock and Newcastle Building Society. The latter now offers a five-year fixed mortgage rate of 4.85 per cent.
By comparison, the cheapest two-year discounted variable rates now start at 4.45 per cent. "It is now a very slender margin between fixed and variable rates, so there is only a tiny premium to pay for the guarantee that your monthly mortgage repayments won't rise," Hollingworth added.
Melanie Bien, of Savills Private Finance, said: "This is great news for borrowers who need the certainty of a fixed rate to help budgeting - these deals are looking much better than they have recently."
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments