Silver lining for Mortgages - Nova
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Its been a rough time for the UK property market. With increasing rumour mongering over a potential price drop, the BOE increasing interest rates and the ever present clouds of Brexit on the horizon it may be surprising to learn that now is a fantastic time to borrow if you are remortgaging or a landlord.

The availability of low rate deals and continuously expanding ranges of products that are available to landlords and current mortgage owners continue to deny the naysayers. 2 year fixed mortgage rates are now available that are more competitive than most variable or tracker mortgages and buy to let mortgage rates are at their lowest since 2012.

Recent data from the BOE shows that the new average rate for a 75% LTV buy to let mortgage sits at the lowest rate for 6 years at 2.27%. More and more companies have started to review their BTL mortgage offering as well, with The Mortgage Works (a branch of Nationwide) reducing its fixed two year rate to 1.49%, along with a fee of £1,955. Lloyds have also scrapped the £295 mortgage account fee, capped its revaluation fee at £300 and removed a £100 administration fee.

Data from moneyfacts.co.uk shows that since the base rate rise in August the average two year fixed rate has fallen by 0.03% to 2.49%. This is an increase of just 0.28% from its record low last year. Furthermore five year fixed rates have fallen by 0.02%.

RBS are offering 1.53% fixed for two years at 60% LTV, Barclays 1.58% at 75% LTV and HSBC 1.49% at 60% LTV and 1.54% at 75% LTV,. In fact, 1.39% offers are out in the market, with two lenders offering rates at this interest.

Whilst remortgage rates are indeed a little higher that the record lows of this time last year, and are unlikely to return to those times, there are still good deals on the market. Borrowers are encouraged to be vigilant and speak to industry professionals, when seeking a new deal. Checking out the best mortgage buys and assessing the true cost of a mortgage – not just the headline rate – will enable borrowers to identify the most advantageous deals for their

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