Long term fixed rate deals on offer have doubled on 100 Mortgages

If you are looking for a little bit of security with your mortgage payments and want to insure you’re not hit with rising mortgage payments if there is a bank of England base rate increase, then there is good news, the number of long-term fixed rate mortgages on offer has doubled, offering a much wider choice.

A report from MoneyExpert.com who monitor financial products, say that there has been an increase of 7 percent for fixed 10 year mortgages available to us. It’s also reported that five different providers offer 18 different 25-year fixed rate deals between them, compared to last year’s 9.

The average 25-year fixed rate deal at 6.56 percent looks pretty attractive, according to moneyexpert.com that’s 0.3% lower than the current market average for all mortgages of 6.9 percent.

Borrowers like the safety these deals give them, those who have been stung before with their rate shooting up once their short term deal ended amidst the credit crunch. Sean Gardener, director of MoneyExpert.com also added, lenders are keen on signing the customers up to long-term deals as this gives them certainty, plus it locks the customer in.

Source: reuters