Homeowners are being given the opportunity to start the new year by choosing a record-breaking, all time low fixed rate.

First Direct has chosen the start of 2015 to roll out the lowest ever five-year fixed rate deal at a rate of 2.39%, providing there is a 35% deposit. It is important to note, that whilst it is the lowest rate, it is not the cheapest product currently available, as it is accompanied by a booking fee of £1450, which is why it is imperative that borrowers assess not only the rates, but also any associated fees and charges.

As the year 2014 drew to a close, a number of lenders were busy reducing rates as they clambered to achieve their year-end targets and continue building on their market share of borrowers. Therefore, providing you are able to raise a large enough deposit, or if you have sufficient equity in your current property, people can now grab the lowest fixed rate recorded.

The previous lowest rate was recorded back in the August of 2013 at 2.44% by the Yorkshire Building Society. With the talk of an anticipated rate increase not happening until the latter part of 2015, it seems to be a great time for people to review their existing product and maybe change to a lower rate, saving some money (subject to potential existing penalties).

As a qualified mortgage professional who has achieved the appropriate qualification following completion of your CeMAP training, it could be a busy year as customers seek your advice, and look to save money and secure the best mortgage deal available to them.

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