A recent analysis and breakdown of fixed rates, and the associated costs, has shown they are potentially as cost effective as a two-year fixed rate.

Moneyfacts, which is a data analyst company, has looked at the various mortgage deals and costs, and has found that on average, the five-year fixed rates available have fallen considerably over the last 12 months.

In fact, many lenders are currently offering their lowest rates ever. With just under 3.5% being the average for a five-year fixed, it is quite a bit lower than the two-year fixed rate average in 2014, which was marginally higher than 3.7%.

Charlotte Nelson, who is a money expert for Moneyfacts, explained:

“In the space of one year borrowers can now secure a five-year fixed rate deal for the same price or lower than its two-year alternative. Longer-term fixed rates provide borrowers with extra security, and to be able to secure a five-year fixed deal at two-year prices is unheard of.”

Having chosen a career in the mortgage industry, this will continue to be a busy time for you as rates continue to sit a record lows. Having invested the time, effort and commitment to complete the required CeMAP training, and then achieving the necessary pass in the final exam, you will meet with customers to assess their needs.

Whilst complying with the Financial Conducts Authority (FCA) regulation and adhering to the processes and procedures of your employer, you will undertake an affordability assessment before making your recommendation and advising them of the most suitable mortgage solution.

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