Borrowers can shave thousands off their mortgages by taking advantage of low rates on long term fixed loans. Rates have nosedived over the last year resulting in a mortgage with a fixed rate for the first ten years being £3595 cheaper. Long term loans are cheaper now than two or three year loans were just a few years ago. An expert said these loans insulated borrowers from future rate hikes and gave them peace of mind.
- As a result of average rates plummeting from 3.36% to 2.98%, the cost of a 10-year fixed rate mortgages has fallen by £3,595 for the average borrower over the last year.
- Fixed rate mortgages offer financial security to mortgage borrowers and can shield them from economic uncertainty.
- The cost of a 10-year fix is starting to rise after years of falling rates, according to research from financial website Moneyfacts.co.uk.
“Falling rates on long-term fixed rate products mean borrowers could cut over £3,500 off their mortgage, new research shows.”
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