Colin Shairp, Director of Fine & Country Drayton explains how new mortgage rates could benefit the housing market: “News that fixed rate mortgages pushed below the two per cent interest rate threshold is good news for more than just first time buyers. Along with the lower rates and fixes of up to five years, borrowers will frequently find a demand from the lender for a larger deposit. At a time when there’s so much emphasis on getting more people into home ownership for the first time this is a real incentive for those already on the ladder to take the next step up. "While the advice is always to never borrow more than you can afford so you don’t overstretch your finances and ultimately lose your home, the new mortgages could bring a big advantage for existing borrowers who have built up equity in their home. Taking a new mortgage inevitably incurs fees – lenders will quite happily relieve you of an application fee and another for sending someone to value the property, which i...
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