The Sunday Times - Homeowners pounce on super-cheap mortgages
Even if you face a penalty for leaving a fixed-rate deal early, you might still be better off paying it.
As a result, more borrowers are considering breaking their existing contracts.
Aaron Strutt of the mortgage broker Trinity Financial told The Sunday Times: “We are speaking to more borrowers looking to come out of fixed rates to secure cheaper deals. The price of fixed rates has fallen so dramatically over the past year that more homeowners are spotting an opportunity to lock into one of the incredibly cheap mortgages.
“Many borrowers took a fixed rate a couple years ago when they were a lot higher and they also had less equity in their properties. House prices have increased significantly in many areas and more homeowners are in a better position to qualify for one of the cheaper mortgages.
“Lenders work out the rate you pay by the amount of equity in your property.”
Trinity's clients Patrick Hawes and Andy Berry (pictured in The Sunday Times) switched to a lower rate and freed up cash to redecorate part of their home.
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
