Huge rise in number of cheap five-year fixed-rate mortgages
Mortgage borrowers might be wondering whether they should choose a fixed rate mortgage or a mortgage that track the base rate, following the decision by a number of mortgage lenders to increase their fixed mortgage rates .
When comparing the best two-year fixed rate mortgage with the best two-year tracker mortgage, Moneysupermarket found that the fixed rate mortgage had a slight advantage of �93 for the mortgage term.
With the average SVR at 6.5 per cent, a borrower who opts for a 4.49 per cent fixed rate with Bank of Scotland , a borrower could save �2,997 a year on an interest-only mortgage of �150,000, she points out.
This is why choosing a fixed mortgage rate is always a better alternative than letting one's mortgage languish with the SVR, Ms Cuming advises.
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