More mortgage lenders offering sub-2% five-year fixes
A host of banks and building societies have launched sub-2% five-year fixed rate mortgages recently.
Coventry Building Society, First Direct, HSBC and Metro Bank all offer incredibly low 1.99% five-year fixed rates.
Platform has the most competitively priced 1.89% fixed rate locked in until 31 December 2021.
At the end of the fixed period, the mortgage reverts to the bank's standard variable rate which is currently 4.24%. The overall cost for comparison is 3.9% APRC.
Aaron Strutt, product director at Trinity Financial, says: “If you are looking for a longer term fixed rate, you are spoilt for choice at the moment. The lenders can still offer impressive rates because they continue to have access to cheap funding.
“More lenders have launched seven-year fixes priced around 2% and they offer even better value if you want to maintain your repayments for a longer period.”
The 1.89% rate offered by Platform has a £1,450 arrangement fee and early repayment charges for the full five years.
Applicants will need a 40% deposit to qualify and there is a maximum loan size of £1 million.
For help to secure a longer term fix, call Trinity on 020 7016 0790.
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