Mortgage rate cuts continue, Santander lowers mortgage costs
Borrowers who need a mortgage because their current fixed-rate mortgage is expiring or because they are purchasing a home would be wise to explore their options as soon as possible.
What if I have to refinance my mortgage?
Borrowers should compare interest rates, talk to a mortgage advisor and be prepared to take action.
Homeowners can sign a new deal six to nine months in advance, often with no obligation to accept it.
Most mortgage agreements allow for fees to be added to the loan and only charged at closing. This means borrowers can lock in an interest rate without paying expensive closing costs.
Please note that if you do this and do not pay the fees at completion, you will be paying interest on the amount of the fees for the entire term of the loan, so this may not be the best option for everyone.
What if I buy a house?
People who have agreed to purchase a home should also aim to lock in interest rates as soon as possible so they know exactly what their monthly payments will be.
Buyers should avoid overbuying and be aware that house prices may fall as higher mortgage rates limit people’s borrowing capacity and purchasing power.
How to compare mortgage costs
The best way to compare mortgage costs and find the best deal for you is to talk to a real estate agent.
This is Money has been working with the free mortgage broker L&C for many years, so that you receive free and expert mortgage advice.
Want to see today’s best mortgage rates? Use This is the best mortgage rate calculator from Money and L&C to show you offers that match your home value, mortgage size, term and fixed interest rate needs.
If you’re ready to find your next mortgage, why not use L&C’s online Mortgage Finder? It searches thousands of deals from over 90 different lenders to find the best deal for you.
> Find your best mortgage deal with This is Money and L&C
Please note that interest rates can change quickly. Therefore, if you need a mortgage or would like to compare interest rates, contact L&C as soon as possible. They can help you find the right mortgage for you.
Mortgage service provided by London & Country Mortgages (L&C), which is authorised and regulated by the Financial Conduct Authority (Register Number: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property could be repossessed if you fail to repay your mortgage