Woolwich offer 10 year fixed rate remortgage at 3.19%
There’s good news this week for borrowers looking for the ultimate fixed rate remortgage deal – Woolwich is now offering a 10 year fixed rate mortgage deal at 3.19%. That could mean a decade of certainty about your mortgage repayments – particularly welcome as an interest rate rise is predicted on the horizon in 2016.
Woolwich is offering its 10 year fixed rate remortgage deal at up to 80% loan to value (LTV) which could offer a welcome proposition for homeowners who are unhappy with their current mortgage deal and are keen to find a longer term solution.
Rising Trend in Ten Year Fixed Rate Mortgage Deals
Data from Moneyfacts* indicates that in Spring 2014 there were a mere 8 ten year fixed rate mortgage deals on the market – now, there are over 70. What’s more, rates are low, so if you are looking to remortgage to a fixed rate deal this could be the time to do so.
“Traditionally”, says Moneyfacts Editor Sylvia Waycot, “the fear for those locked into a fixed rate has been ‘what if interest rates drop?’ which would mean they could miss out on cheaper deals. However, as Bank of England base rate is currently sitting at an historic low, and the only talk is of when it should rise rather than drop, this is less likely to be a concern for most people fixing.”
* http://moneyfacts.co.uk/news/mortgages/increase-in-10-year-fixed-rate-mortgage-deals/