New 10 Year Mortgage Launched!
It seems that the numbers of people taking out new loans fell heavily when banks were hit by the credit squeeze in 2008. Before that, it had been normal for borrowers to remortgage every few years, typically when a fixed rate ended.
However, independent analysis of the current home loan market has found now is the most rewarding time to remortgage for six years. Read more
In 2007 when the Bank of England base rate was 5.5%, Nationwide and Halifax both launched 25 year mortgages at a rate of 6.39%. These mortgages were hailed as offering long term stability and flexibility for ‘borrower wanting to protect themselves against fluctuations in interest rates’.
Although no one could predict that interest would fall and stay so low, therefore those who did lock in to deals with rates of 6.39% for the long term got themselves in to troubled situations. Read more