Don’t panic! Fixed rate mortgages ARE still available

Rob Starr, CEO of Seico Mortgages, provides a reassuring update on the current extremely negative media coverage of the mortgage market surrounding interest rates and fixed rate deals being withdrawn by some lenders.  

The mortgage market has had the biggest interest rate rise in over 20 years, which means higher monthly payments for anyone not on an existing fixed rate or for anyone wanting a new mortgage now. Not great news, but not exactly unexpected either. 

It is important to be aware, despite what the media will lead you to believe, that there are fixed rates available. 

In fact, there is still a huge choice on fixed rates, from two years to five years and even 10 years. 

A fixed rate gives you the comfort to know that even in a tough and changing financial climate that your mortgage payments will not increase. Anyone on a variable rate or about to see their current fixed rate expire, should consider taking advantage of a new fixed rate now and make sure that they can weather the storm until it eventually runs out, which if history tells us anything it will. 

Currently we are seeing lenders starting to remove a number of their fixed rates as they wait to see what the Bank of England will do over the next few months, so it is important that you speak with a Whole of Market broker as soon as possible. 

Not only can we offer you choice from across all lenders and make sure that you do not miss out on the best deal available on any given day to suit your own position, but also we can hold a rate for you today for up to six months, so you are prepared and ready without fear of yet another increase. 

We also saw unexpected, good news after the Bank of England interest rate increases – the help that followed straight afterwards. 

Firstly, there is a stamp duty adjustment, which increases the allowance from £125,000 to £250,000 and even better for first time buyers as they see an increase from £300,000 to £425,000. This could not have come at a better time for people wanting to buy their first home or move home.   

Seico Group is a Whole of Market Mortgage Brokerage that has been assisting residential and commercial clients with all their property and personal insurance needs since 1991. A whole of market broker like Seico has access to all the very best Fixed Rate deals – including those not on comparison sites or the high street. 

Simply talk to us to see what’s possible and we can get the rate that is most suitable for you.  

01273 778888
mortgages@seicogroup.com