Mortgage Rates in May Lowest on Record

Mortgage rates across the UK have hit a new record low this May – but why? For one thing, there is intense market competition at the moment, at mortgage lenders fight to attract customers. Research from MoneyFacts indicates that the number of mortgage products on the market rose by 175 in May alone. What’s more, this increase seems to apply across all mortgage types which could be good news for people who are looking to remortgage.

 Mortgage rates fall as lender competition increases

Alongside the increased mortgage competition, there has been a recent drop in mortgage rates. The average 2 year mortgage rate was down by 0.08% this month, having fallen every month for the past 9 months.

Should you fix now?

The question facing many people looking remortgage could now be whether to fix their mortgage at the current low rates, or to wait and see if rates fall further. London and Country mortgage broker David Hollingsworth cautions against taking further mortgage rate falls as a given, commenting that waiting for rates to drop further could be a risk.

Take advantage with 10 year fixed rate remortgages

With the current selection of 10 year mortgage deals on offer, now could be a good time to look at a fixed rate deal. To compare the best remortgage options for you, call our independent mortgage team on 0845 450 9661 for no-obligation advice.