Take advantage of low interest rate mortgages before it's too late
It is believed that now is the best time to get your hands on a low interest rate mortgage deal.
Mortgage lenders have cut their fixed rate deals eg:
- The Woolwich are offering a 4 year fixed rate package of 3.99%
- Abbey and Alliance and Leicester are offering a 5 year fixed rate deal of 3.95%
- Lloyds TSB and Nationwide have cut their rates by up to 0.58%.
Brokers believe rates are unlikely to drop further and are advising any thinking of changing or applying for a new mortgage to do so now as rates are only like to start going up.
Moneysupermarket.com commented: "From a profitability point of view there is no need for lenders to put fixed rates any lower. This is a decent time to fix".