Moneygate

Make a move to check out best mortgage deals, say Moneygate.

Fixed-rate mortgage deals have fallen to their lowest level for a year as competition continues to return to the market. According to recent research, the average cost of a two-year fixed-rate loan now stands at 4.63%, the lowest level since April last year and down from a recent high of 5.21%.

The reduction would save someone with a typical £150,000 mortgage around £50 a month, prompting Annabel Green, of national IFA Moneygate, to urge consumers to shop around to see if they get a better mortgage deal.

She said: “There are some decent deals coming on to the market at the moment and it’s not just two year fixed deals either – there have also been falls in the cost of three and five year deals too. If you’re paying the lender’s standard variable rate, it could be worth you considering re-mortgaging to a fixed-rate deal and checking what offers are available at the moment – it could help you to get a cheaper mortgage.

“There are also a significant number of new mortgages available for people with smaller deposits, such as 5% to put down. Lenders are becoming more active in the mortgage market, which is welcome news for borrowers as increased competition is one of the overriding factors in driving rates downwards."

For more information go to www.moneygate.co.uk