{"id":6027839,"date":"2019-11-29T13:15:37","date_gmt":"2019-11-29T13:15:37","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=6027839"},"modified":"2019-11-29T13:15:37","modified_gmt":"2019-11-29T13:15:37","slug":"switch-and-save-homeowners-urged-to-remortgage","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-hk\/2019\/11\/29\/switch-and-save-homeowners-urged-to-remortgage\/","title":{"rendered":"Switch and save \u2013 homeowners urged to remortgage now"},"content":{"rendered":"

Money saving expert Martin Lewis has urged homeowners to switch mortgages now as economic uncertainty and forecast long-term low-interest rates offer a silver lining for mortgage holders. \u00a0<\/strong><\/p>\n

Halifax is the first lender to break the 1% barrier this year with a new tracker mortgage at an initial rate of just 0.98%. It\u2019s available to borrowers who have a 40% deposit and are willing to pay the \u00a3999 up-front fee to secure this year\u2019s first sub-1% mortgage.<\/p>\n

Variable mortgages<\/a> are often tied to the Bank of England base rate, meaning if the rate changes borrowers\u2019 mortgages increase or decrease accordingly. But those willing to take the risk of a variable deal could save \u00a3700 a year on their mortgage, and another \u00a3600 if rates fall next year, according to Moneyfacts.co.uk.<\/p>\n

With the Bank of England showing little sign of a rate increase and the average variable loan rate at 2.01% and the equivalent fixed at 2.4%, the potential savings could encourage more opportunistic borrowers to choose a variable deal.<\/p>\n

Speaking on ITV’s Good Morning Britain, Martin Lewis, founder of moneysavingexpert.com, said: “My clarion call to everybody out there is that you need to check your mortgage now to see if you could get a cheaper deal and possibly save thousands.”<\/p><\/blockquote>\n

Low rates available across all mortgage terms<\/h4>\n

While some borrowers are willing to take a gamble, the more risk-averse can take advantage of low rates on ten-year fixed mortgages<\/a>. Moneyfacts.co.uk reports that the intense competition between lenders has pushed the average 10-year fixed rate down to an average 2.76% and the lowest currently available is 2.2% from Coventry Building Society.<\/p>\n

With good deals available across shorter-term fixed rates too, borrowers are spoilt for choice. Halifax is offering a two-year fixed-rate at 1.08% with a product fee of \u00a3995, borrowers can secure a three-year fixed from HSBC at 1.44% with a \u00a3999 fee and Skipton<\/a> has the best five-year fixed available at 1.44% secured with a \u00a3995 fee.<\/p>\n

As mortgage rates continue on a downward trend, and the industry expects further price drops during December as lenders look to get business over the line before the end of 2019, borrowers can make significant savings.<\/p>\n","protected":false},"excerpt":{"rendered":"

Money saving expert Martin Lewis has urged homeowners to switch mortgages now as economic uncertainty and forecast long-term low-interest rates offer a silver lining for mortgage holders. \u00a0 Halifax is the first lender to break the 1% barrier this year with a new tracker mortgage at an initial rate of just 0.98%. It\u2019s available to… Read more »<\/a><\/p>\n","protected":false},"author":3380,"featured_media":11927,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[389,107,285],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/posts\/6027839"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/users\/3380"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/comments?post=6027839"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/posts\/6027839\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/media\/11927"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/media?parent=6027839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/categories?post=6027839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-hk\/wp-json\/wp\/v2\/tags?post=6027839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}