Mortgage Deals - 5 Year Fixes
Posted: September 3rd, 2021, 8:44 pm
I went online with my current mortgage provider to check what sort of rate I might get if I renewed my 5 year fixed mortgage with the newest version of the product. I'd previously used their website calculator to get quotes as a 'transferring to us' new mortgage customer and the results included a 5 year fixed mortgage (an online deal) at 0.98%. Not that bad really! Naively, I thought a sub-1% deal would be a once in a lifetime opportunity (yes, remembering to avoid one with 'product fees' as well and making sure to check the APRs).
I am within the four month period where I can change my existing deal and the provider offers the usual range of options - fixed, tracker, 2, 3, 5 and even 7 year periods. However, the cheapest 5 year fixed mortgage is showing at 1.34% - proportionally, that's a 37% greater interest rate than the one I had seen online.
I assume this is normal?!
Best wishes
Mark.
I am within the four month period where I can change my existing deal and the provider offers the usual range of options - fixed, tracker, 2, 3, 5 and even 7 year periods. However, the cheapest 5 year fixed mortgage is showing at 1.34% - proportionally, that's a 37% greater interest rate than the one I had seen online.
I assume this is normal?!
Best wishes
Mark.