Mortgage Rates STILL Hit All-Time High as Halifax Launches 0.83% Two-Year Fix – How to Find the Best Deal for You
The rates are “staggeringly low” right now. So how does Halifax’s new mortgage compare?
While not everyone will be able to get the new Halifax deal, it’s still a sign of fierce competition among mortgage lenders. Aaron Strutt, of mortgage broker Trinity Financial, told MoneySavingExpert.com: “Mortgage rates are incredibly low right now. If you are looking for a low rate and have a clear credit history and a decent deposit, there are plenty to choose from. Even if you don’t have a 40% down payment to access these insanely low rates, there is a wide selection of offers below 2%. “
Still, the market is complex, so there is still a lot of work to be done comparing the Halifax mortgage with other transactions. Use our Best Mortgage Buyers Comparison Tool to help you compare prices, and read our guides to first-time buyers and mortgages for more help. Here are some of the basics:
- The cost of a mortgage is a mix of fees and interest rates, so a low rate alone is not always enough. Currently, there are about 50 mortgages on the market at less than 1%, according to comparison site Moneyfacts. But it’s not just the rate that you need to compare.
Using our mortgage calculator, we’ve found that if you’re a first-time buyer buying a £ 435,000 home with a 25-year mortgage of £ 255,000, Halifax can be beaten on the full cost in two. years by one of his other mortgages – a 1.16% rate with lower charges of £ 200. So be sure to factor in both the fee and the rate.
- What type of contract is right for you? Fixes vs. Variable, Two-Year vs. Five-Year Fixes, and more. Patches are useful if you need to secure your monthly payments as they won’t change during the initial term, although patches come in different durations. A five-year solution might make sense if you don’t plan to move at that time, for example, but if you want to move, you’ll need to check whether the mortgage you’re interested in is transferable. To see fixes vs variables.
- You can use a mortgage calculator to compare the best deals, but unless you’re a real expert, hire a mortgage broker to make the switch – they can explain ALL of your options and lenders’ borrowing criteria. To compare the best deal, enter your information into our best mortgage buyer’s comparison tool and view our cheap mortgage finder guide to help you find a broker.