How To Get A 2 Year Fixed Rate Mortgage
With uncertainty over interest rates many people are opting for a 2 year fixed rate mortgage.
The good news is that 2 year rates are currently very competitive.
- Certainty - By locking into a 2 year fixed rate you get peace of mind that your monthly repayments will not change.
- Low rates - 2 year fixed rates are as low now as they have been for a very long time.
- Interest only options - Some lenders are offering 2 year fixed terms on an interest only or part and part basis. This type of arranagement is offered by some lenders if the loan to value (LTV) is lower than a set percentage of the value of the property you are mortgaging.This is typically 75% LTV or less. There are a few lenders that will go up to 85% LTV but you will need to speak to our independent mortgage team to access these rates. Some lenders will require a part interest and part capital repayment strategy for any borrowing over a set limit e.g. 60%. So if you have a 25% equity in your property, a lender may require that 15% of borrowing is on a part and part basis with 60% fully on an interest only basis.
If you are not sure whether now is the right time to remortgage or whether you can get an interest only deal speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464