If you can, just hold off arranging a mortgage for a few weeks. Cheaper mortgages are on the way! Page 2
At the moment the three best 2-year fixed interest rate deals are:
The Portman Building Society 4.3%
The Yorkshire Building Society 4.38%
Bristol & West 4.39%
The Portman and Yorkshire will lend up to 95% of the property's value
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When it comes to arrangement fees, The Yorkshire is the cheapest of these three at £495, closely followed by The Portman at £499. Bristol & West charge £599.
If rates do fall as expected, you should see lots more 2-year fixed rate deals at around 4.3% and 5-year fixes are likely to come down below 4.5%. Then if The Bank of England cuts Bank Rate in the February/March period as expected, rates could fall even further later in the year.
If like us, you believe that rates will fall and you can afford to pay a higher rate if you're wrong, you should consider a discounted variable rate mortgage or a tracker mortgage. Of the two, the tracker is the better during periods of falling interest rates, as the entire interest rate reduction will be passed on to you in full.