The bottom line is that when someone is to take out a mortgage, it is a massive decision that requires a lot of homework and due diligence. Most people do not have the type of money to be paying for a house in full cash. Therefore, most people, when buying a house, need a mortgage. This means that they want to make sure that they get good rates so they do not pay more in interest.
- When taking out a mortgage, people must make sure they are not overpaying for their interest rates.
- The bottom line is that a mortgage is a massive commitment that people need to live with for many years.
- Being smart with your money with buying a house is going to pay off when you are getting older.
“Charlotte Nelson, mortgage expert at Moneyfacts.co.uk, says: “Lenders are currently seeking to attract borrowers to longer-term deals by making them competitive, and this extra competitiveness has caused rates to fall, unlike the rest of the market. The gap between the average five-year fixed rate and 10-year fixed rate has decreased significantly.””