More low, long term mortgage rates are available than ever, according to research by Moneyfacts, with decade long fixed rate mortgages on offer for below 3.5 per cent interest.
On average, 10 year fixed rate mortgages are available for 4.33 per cent, with extremes dropping as low as 3.5 per cent.
This average 4.3 per cent in November is a record low that dropped from 4.64 per cent in November 2013, while the number of 10 year fixed rate deals has rocketed from just 12 available in November 2013 to 51 now.
For the last six months, we have been teased with the threat of an imminent interest rate rise that would throw any variable rate mortgages into disarray and cause problems for a lot of people.
For now this quite simply is no longer a threat.
Experts seem to be quite certain that the interest hike, feared to take place as early as January, now won’t be seen until late 2015, or even 2016.
For those looking ahead, a 10 year fixed rate mortgage can sound very attractive, especially for buyers who are looking for a property to live in for the rest of their lives or to start a family in.
It is important to be cautious of the length of time you sign up for though and make sure it is right for you. Although you would be locked into a low rate for a long time, you will also be stuck with that deal for a long time. Any major changes to job or income could see you left high and dry. The portability of the mortgage should also be taken into account and whether it can be transferred to a different property.
Barclays, Nationwide and Leeds Building Society are all reported to have good long term mortgage deals on offer at the moment.
