Yet Lower Rates For Mortgages And Remortgages
The home loan products of secured loans, mortgages and remortgages have been in a state of flux for several years now.
Many people hoped and in fact fully believed that the end of the recession would herald the start of a major come back in these loans, that once were so very popular, but this is not what happened, Matters continued in much the same way that they had done for some time.
The situation for many lenders proved dire, and over the credit crunch, about twenty secured loan lenders closed their doors for business never to open them again.
Mortgages, which are the way of borrowing to buy property, went down as people, unsure of their future financial position, choose to stay where they were, afraid to either buy a first property or to become a home mover.
Since the dawn of the mortgage, it has always been common for a homeowner to seek to remortgage at the end of a current tie in period, and a remortgage is the moving of a mortgage from one lender to another, and as there are so many different rates between one lender and the next, often a homeowner can save thousands over the years of the mortgage by changing mortgage providers.
Sometimes a
remortgage is simply for the same sum as the previous one, and the sole purpose is to make savings, but sometimes extra money was sought to use for many different things
Although remortgages,
mortgages and secured loans slumped, one thing that remained the same throughout, was the fact that interest rates, that had fallen to an almost all time low for remortgages and mortgages, remained low during all this period.
Tracker rates remained low at about 2% and fixed rates were available at about the 3% mark
It certainly seemed that interest rates would never fall any further until today when Godiva Mortgages have brought in a new lower rate of 2.45% on a two year fixed rate deal, and if this does not encourage people to ,mortgage or remortgage nothing will
by: James Davids.
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