As reported in the press in the last few days, mortgage lenders have slashed rates to an all time low. As an example Virgin currently has 5 year fixed rates from 2.35% (subject to criteria) which is fantastic value for money.
Lenders will have done this to stimulate new business to get their market share for the first quarter, and it's a sign we are likely to see lenders dipping in and out of the market for short periods of time with "limited deals" through 2015.
On the plus side, this is fantastic value and is a huge opportunity for anyone looking to reduce their mortgage costs. It also flags up the issue that if anyone is looking to benefit from these 'limited deals' they will nee to be prepared with the correct documentation in advance as deals will only be around for a limited time.
If you would like help and advice on how you could benefit from these rates and what information you will need to provide, give us a call at Outlet. We have a 'Money' team waiting to help people like you with mortgages, insurance, loans and other financial products. And if you do secure the right mortgage, a great place to start on your property search is with one of London's new builds. Not sure where to buy? Then check out our London property guides