Mortgage Best Rate » Mortgage Brokers

Affordability of Home Mortgage Loans

admin — Fri, 17 Dec 2010 12:40:08 +0000

Visiting friends with a great house may get you wondering as to when you will own your dream home. You may have already begun to browse the real estate listings. But once you see how much these houses cost, it can get very frustrating. Can you really afford a home mortgage loan? If you decide to continue with the pursuit of owning your dream house, the most important question you should answer is what can you afford?
Buying a home is a matter of choice. But most of the time, you cannot simply point your finger to the most desirable home in the most ideal neighborhood in town and whip out the money to buy it outright. Especially if you realize the amount of money you need in order to buy it. What is unfortunate about this is that you have to settle on what you can afford, which, may lead you to another frustration. Thus, making sure first that you know your financial limits is your very first step before you consider a home mortgage loan

Plan ahead to before choosing a lender

Lending institutions are fully aware that the first bill most of us pay is the mortgage. They also know that your home mortgage loan will soon be sold to another lender and that should any problems arise with paying back the loan, it won’t be their problem. They will already have made their commission and moved on to the next customer while you will be saddled with hefty payments.
It pays to do your homework before deciding how much to spend on a new home. Take into account all your monthly expenses, not just debt and housing costs. You will need to consider food, electricity, phone, and insurance, along with the numerous expenses that crop up each month. Be a smart home mortgage borrower and know all the facts before you sign on the dotted line.
There are three important factors to consider when you want to know how much you can afford

Do you have enough saved to pay a deposit on the loan?

When you are ready to buy a home, to figure out how much money you can afford to spend on a home mortgage loan, you will have to draw up some figures. You first need to decide how much of a deposit you can make and deduct this from the price of the home. What is left will be what needs to financed by a home mortgage loan.
Savings is very important while considering home mortgage loans. Good savings can give you better chances of owning a better, more expensive home. This is because the amount of the down payment you can afford will definitely reduce the remaining cost you have to pay for the house, which in turn reduce your home mortgage, making monthly payment more affordable. Thus, it is a good idea to save as much money as you can for down payment in order to afford a bigger home or to lower your home mortgage.

How much home mortgage and interest you can afford?

Before applying for home mortgage loans consider not only the mortgage but also the repayments you can afford. Essentially this would depend on your annual income and your monthly debt obligations such as car loans, child support payment, credit card payment, etc. Ideally, the payment-to-income ratio should not exceed to 28% and your debt-to-income ratio should not exceed to 36%. Payment-to-income ratio and debt-to-income ratio are used by most lenders to determine how much you can afford.

How much will your lender approve?

The amount of home mortgage loan the lender will approve will depend on your income, credit report, and other factors. This is why, in order to get a reasonable amount of loan, you need to demonstrate that you have a good and permanent source of income and good to excellent credit score. Although loans can be approved for people with bad credit ratings, the interest can be enormously high.
To find out how much you can afford each month, you need to work out your monthly expenses and the cost of housing. Each month, the taxes, interest and principal on a home mortgage loan should not be more than 25%-28% of your pre-tax, gross income. This figure will also depend upon how much debt you have to start. Also remember to add in utility costs for your new home as well.
You now need to determine your outstanding debt. For this purpose you will need to include not only the home mortgage loan payment, but any credit card bills, child support or alimony payments you make, student loans and any other outstanding monies you owe. This figure should not be more than 35% of your pre-tax, gross income.
The home mortgage rate you will be offered will be decided by the amount of debt you have outstanding, not just your income. This is called your debt to income ratio. If you have a lot of outstanding debt, your rate will not be as attractive as those offered to people who are carrying less of a debt burden. It is up to you to understand how much money you can afford to pay a home mortgage loan each month and not the lender.
It is not very often that you buy a home. In fact, most of us might be able to buy a home once in our lifetime. So when you do, you want to the process to be as smooth as possible. Consider first how much you can afford before you look on the listings and circle around houses that you want. Remember to seek professional advice from lending consultants and get pre-approval as this will help in making the whole home buying process easier and convenient.

Mortgages Rules For Canadian Home Buyers to Be Tightened

admin — Mon, 06 Dec 2010 12:39:25 +0000

On July 9th, the Department of Finance moved to tighten Canada’s mortgages markets by announcing changes to the requirements for federally-backed mortgage insurance. The changes set minimum credit scores that home purchasers must meet to qualify for mortgage insurance on so-called ‘high-ratio mortgages” while restricting amortization terms to 35 years and requiring a minimum 5% down payment on mortgages insured through the Canadian Mortgage and Housing Corporation (CMHC) or other government-backed private mortgage insurers.

The tightening of Canada’s mortgage insurance rules, which will take effect on October 15th, is widely seen as a measure to further tighten Canadian mortgages market and forestall the credit problems that have crippled the U.S housing market. In announcing the changes, the Department of Finance characterized them as “a responsible and measured approach by the government to ensure Canada’s housing market remains strong and to reduce the risk of a U. S.-style housing bubble developing in Canada.”

Under the Bank Act, mortgages from federally-regulated lenders, including banks, credit unions, and caisses depots, must be insured where the value of the mortgage exceeds 80% of the value of the property or home being purchased or financed. Such high-ratio mortgages are insured primarily through the Canadian Mortgage and Housing Corporation, a federal Crown Corporation, but also through a handful of private mortgage insurers – Genworth Financial Canada, AIG and PMI Mortgage Insurance. The federal government guarantees the obligations of these mortgage insurers to lenders in the event of their not covering the costs of defaulted mortgages.

Effective October 15th, new federal rules will require that the loan-to-value ratios for federally-backed mortgages not exceed 95%, that amortization periods not exceed 35 years and that prospective borrowers have a minimum credit score of 620 and a debt service ratio (the percentage of income that goes to servicing existing debts and housing costs) of no more than 45%. The new rules will also require evidence of the reasonableness of the mortgaged property’s value and of the borrower’s source and level of income.

The new rule changes come at a time when Canadian real estate markets are already cooling off. Growth in housing prices showed a very moderate 1.1% year-over-year gain in May, according to the latest numbers from the Canadian Real Estate Association, as Canadian markets and consumer expectations have adjusted in response to the constant barrage of bad news about the worst U.S. housing market slump since the Great Depression and sobering forecasts about the state of a Canadian economy that is coming to grips with escalating energy and commodity prices.

The tightening of amortization periods and loan-to-value ratios will likely have a further dampening effect on Canadian housing markets, which already have sharply increased levels of resale and new home listings. However, this dampening effect may not be felt until after October 15th when the new rules come into effect. In the short term, the move to tighten mortgage lending standards could have the opposite effect – providing an impetus for Canadians to take the plunge into highly leveraged, no-money-down mortgages before the October 15th deadline.

(An October 15th implementation date was chosen to give home purchasers with mortgage pre-approvals the opportunity to exercise their options before the pre-approvals expire at the end of their usual 90-day term. Note, also, that the mortgages of existing home owners with high-ratio mortgages, amortization periods in excess of 35 years and substandard credit scores will be grandfathered under the new rules so that they will not be precluded from obtaining mortgage insurance when it comes time to refinance their homes.)

Industry feelings have been mixed about this latest move to ensure the solidity of Canada’s mortgages and housing markets. Most industry analysts applaud the move to ensure that Canadian home purchasers do not get sucked into the same speculative frenzy that fueled the meltdown of U.S housing prices when the sub-prime mortgage market unraveled. Other analysts seem to be expressing the view that this is a case of too-little-too-late or mere window dressing.

Derek Holt, Scotiabank’s vice president of economics, acknowledged that mortgage lending rules had been “modestly tightened” but noted that, “The changes are more about optics.” Meanwhile, a more pessimistic analysis came from BMO Nesbitt Burn’s deputy chief economist, who observed that the rule change is “a bit like closing the barn door after the horse has already run down the road.”

Canada’s mortgages and housing markets have not experienced the wild speculative bubble that erupted and burst south of our border, largely due to much more conservative lending practices here at home. Canadians were not privy to such innovative and speculative mortgage products as the so-called NINJA mortgages (“no income, no job, no assets), where borrowers could qualify for mortgages without adequate proof of income or employment that would enable then to afford the requisite mortgage payments, and only a small percentage of Canadians took out the sub-prime mortgages that scuppered U.S. markets. As a result, the percentage of Canadian mortgages in arrears are at the lowest levels – 0.27 per cent – they have been at since 1990, whereas Americans are facing mortgage foreclosures at a rate not seen since the Great Depression. This tightening of Canada’s mortgage insurance rules seem to be largely a pre-emptive move to reassure Canadian markets and ensure that Canadian home buyers do not go down the same path trodden by snake-bitten home buyers south of the border.

Current Mortgage Rate Fluctuations

admin — Sun, 05 Dec 2010 11:31:35 +0000

We all tend to be prone to overreaction. All you need to do is turn on the news to find out the latest apocalypse du jour. Of course, the vast majority of these expected calamities that we get ourselves worked up about never in fact show up in our lives. Let’s face it; we are a bunch of Chicken Little’s running around shouting about the falling sky. One recent example of this is the media’s incessant shouting about the skyrocketing of mortgage rates of late.

Well, relax a little my friend, because I am going to lay out for you that perhaps this hysteria is overblown, and you aren’t going to have to remortgage your next house at 30% interest.

First of all, you must understand that while for a short period the rates on a 30 year fixed mortgage did indeed dip below 5%, you couldn’t find anyone anywhere that knows anything about the mortgage industry that said this was going to be a long term sustainable rate. Furthermore, keep in mind that mortgage rates are always in flux and are continually moving around. The only thing that is certain is that going forward is that mortgage rates will fluctuate.

Second, it may be helpful to fill you in on what has caused the movement in the rates and what we can expect going forward. With the massive purchasing of mortgage-backed securities in many countries as well as plunging stock markets driving the rates of the bond market downward, we simply went through a period of abnormally low mortgage rates. However, the recovery is afoot. Several large banks are already beginning to pay back the bailout money they received. Also, the stock market seems to have stabilized to a significant extent.

So, what can you as a consumer do to mitigate having to deal with a quickly rising mortgage rate environment? Well, the first thing to consider is working with an independent broker instead of an employee at a bank. Simply put, a broker will have much more flexibility to relock a mortgage rate for you if a lower rate becomes available prior to your closing date. Conversely, a bank employee will normally not have this flexibility. This allows you the enviable position of being able to be protected against further rate hikes without having to commit yourself if rates go down.

Finally, if you have found the right property, avoid trying to wait for the “exact perfect” moment to secure your financing. You will do nothing but drive yourself crazy and potentially lose out on a property that would meet your needs perfectly.

If you weren’t prone to overreaction, you wouldn’t be a little thing we like to call “being human”. But please, try to keep things in perspective. The media has an agenda, which is to put sensationalistic programming on so that you feel like you need to tune in.

Unfortunately, they don’t tell you the whole story, which in many cases causes undue stress for people. Don’t let this happen to you. Work with an experienced, objective mortgage broker to simplify your life and remove as much doubt and worry from your life as possible. Oh, and go have a pint as well. That always helps.

*article also submitted at ezinearticles*

Oregon Mortgage : Loans, Home Loans, Brokers

admin — Sat, 31 Jul 2010 12:29:27 +0000

Selecting the right kind of mortgage loan is perhaps one of the most important financial decisions you will ever make. We will serve as your financial agents to find you best Oregon mortgage loan at lowest possible rates. Let us help you find best mortgage brokers in your metro area.

We are one of the most reputable mortgage brokers in Oregon, offering expert, timely and customized mortgage services compared to any other real estate brokers or lenders. Apart from providing excellent Oregon mortgage loans our mortgage brokers will also help you with comprehensive information, advices, tips and expert guidance throughout the mortgage purchase process.

• Do you require Oregon mortgage information?

• Are you looking to secure finances to purchase your dream home?

• Tired of high interest monthly payments?

• Looking to reduce interest rates and improve savings?

• Require finance to carry out home improvements?

• Wish to cash out on current home equity to meet any personal expense?

Let us help you find best mortgage loans in Oregon as per your requirement, at lowest prices from reputable local lenders. Mortgage rates in Oregon are touching historical lows! Now is the time to realize Your Version of the American dream of homeownership. We will do the entire legwork for you. Fill out our short simple Oregon mortgage quotes form and we will do the remaining. Best offers from top mortgage banks, lenders will find their way to you within 24 hours.

Borrowing and Deposit Mortgage Advice to Get You That Property

admin — Sat, 31 Jul 2010 12:29:04 +0000

It has never been harder than at the moment to get a mortgage with the current economic state. This guide has been created to provide practical tips to anyone looking to get a mortgage whether it’d be for a London or Aberdeen mortgage or anywhere in between.

Borrowing

First things first, you need to see how much you can borrow, generally mortgage lenders will allow you to borrow three times your salary or if you are buying with someone else it will likely be two and a half times of the joint salary.

There are other options to consider so don’t worry if you can’t afford to buy your ideal home using the above methods. One option lenders offer is to allow two people to buy together giving three times the salary of the larger salary and one times the lesser. Other options include if you want to rent a room out you can add this income to your salary before income assessments are calculated. It is worth searching the market to see what options lenders are offering as they often change, using a mortgage broker will help you search the market without the hassle.

Final tip for borrowing – been honest! If you hide information on debt or county court judgements held when you take a mortgage it can come back to affect you greatly, later on.

Deposits

Banks are being understandably more careful with their lending. The size of the deposit makes a huge difference not only in terms of being able to acquire a mortgage but at a decent rate. Larger deposits are needed to secure a mortgage so if you can hold on a little longer, save up a bigger deposit it will save you money in the long run. Many work overtime or take a second job and/or live at home to save money as quickly as possible. Bigger deposit –means a much better deal.

Although there are no 100% or 125% mortgages on the market as at time of writing (and unlikely soon) you do have the Family Equity Loan Plan mortgage where a parent or close family relative will take an equity stake in the property when paying for part of the home.

If you are in Scotland you also have the option of the new LIFT mortgage scheme were the government will take a stake in the property, allowing you to get that property of your dreams.

Mortgage Broker

Using the services of a mortgage broker is a good place to start. A good mortgage broker will search the whole of the market to ensure you find the best deal available whether it’d be for an Aberdeen Mortgage, London or anywhere else in the UK

Make Overpayments on Your Mortgage Now While Interest Rates are Low and Save yourself a Packet

admin — Sat, 31 Jul 2010 12:28:16 +0000

Many lenders are writing to borrowers, you may be one of them, informing them if they make overpayments they can drastically reduce the time it takes to repay the loans. Lenders are of course doing this to improve their liquidity but it is highly recommended to pay as much you can afford to your mortgage as it will benefit you too.

With interest rates at 5% just four months ago, repayment amounts have fallen sharply but if you can continue to repay your mortgage at the rate you were paying you could take years off your mortgage. It is estimated those on tracker mortgages last year could take nine years off a £150,000 mortgage by making the same repayments. Savings in the region of £120,000 in interest!
The first thing to do is check the terms of your mortgage.

Many lenders won’t allow you to overpay while others will but only by a certain amount.

If you are happy with your mortgage rate and are able to make the repayments you want to then great. If not you should search the market to find the best deal available.

Whether you want a mortgage in England or mortgage Scotland, using the services of a mortgage broker will take the pain out of doing the groundwork yourself plus you can benefit from the expert advice. There are many excellent brokers on the market and some charge a fee for their service. You can get the same service with a free one so find a fee free mortgage broker and one that will search the whole of the market to find all the products on offer.

It is always best to use your savings to overpay on your mortgage because you are very unlikely to get more interest in a savings account than you are being charged by a mortgage lender. Now so more than ever, the average savings account will give you just £80 interest after tax on £10,000, pitiful. Using the money to overpay your mortgage would save you thousands in interest.

Do it now!

Mortgage Brokers in Canada: Their Role to Compare and Get You the Best Mortgage Rates

admin — Sat, 24 Jul 2010 16:53:58 +0000

In a nutshell, a mortgage broker acts as the ‘go-between’ a mortgage borrower (you) and the lender (typically the big Canadian banks). Mortgage brokers act on your behalf offering their expertise and contacts for free, and receive their commission from the lenders only once a mortgage is arranged. There may be charges for their services if you have an exceptional situation, such as very poor credit, as they may need to spend more time on your application.

Mortgage broker’s are able to get the best rates for homebuyers and their rates are typically discounted when compared to the big bank’s posted rates because they arrange so much volume for the lenders (almost $50B last year). As a result, many times the banks and other lenders compete amongst themselves to offer the broker the best rate in order to secure their business. Many deal with over 65 lenders, and this is the reason why they can get the best rate for almost any person’s situation.

The residential mortgage market is extremely lucrative and competitive, as there were $191B worth of mortgages approved last year by 80+ lenders. As a result, mortgage brokers are becoming more popular as more people are turning to them to find the lowest mortgages, representing an estimated 25-30% of mortgages being arranged according to Jim Murphy, president of the Canadian Association of Accredited Mortgage Professionals (CAAMP).

Many people aren’t sure where brokers actually source the mortgages from. A recent report by Canada’s leading mortgage systems supplier, showed that mortgage brokers secured home loans through the following channels through their network in April 2008:

· Banks: 50.68%

· Mortgage Banks: 41.92%

· Sub Prime: 4.25%

· Credit Unions: 3.14%

The actual mortgage rate arranged by the broker, could be influenced by many factors, some of which are:

· What type of mortgage (open or closed) are you looking for?

· Is it a fixed rate mortgage or variable rate mortgage (adjustable rate mortgage ARM)

· Is this a single home mortgage loan?

· Or do second or third loans exist?

· How long do you want the mortgage amortized over?

· Is this is a refinanced mortgage?

As is the case with brokers in other industries such as insurance, mortgage brokers are generally former employees of the lenders such as banks. As a result, they know the ins and outs of the industry, who to contact and where to find the rates across Canada. If you’re looking for help arranging your next mortgage, a mortgage broker, may just be a sound option.

Mortgages, Tips to Getting the Best Deal

admin — Wed, 30 Jun 2010 21:40:14 +0000

The credit crunch has bought good and bad news for home buyers. The good news is that house prices are sliding, bringing homes within the reach of first-time buyers. The bad news is that mortgage loan conditions have tightened up so much that only those with the largest deposits and the cleanest of credit records stand a good chance of getting exactly the loan they need.

In fact despite no change in base rate since the 0.25% cut in April, fixed-rate, tracker and discounted rate mortgage costs have been rising – not for existing customers but for those looking to arrange a new mortgage or a remortgage. Inflation fears, thanks in large part to the soaring oil price, have sent money market interest rates, on which many of these mortgage deals are based, sharply higher.

Getting the best mortgage deal

If you are not a first-time buyer and are thinking of moving, you probably have some equity in your property from past years’ rise in prices. So, unless you bought your current home very recently, you should still be able to move your mortgage without difficulty. While you may get less for the sale of your present home than you might have done last year, you will also be paying less for your new house.

Unless you are trading down a long way to release equity, the general fall in prices should mean that things will even out in the end. You might even find yourself paying less stamp duty if the fall in prices brings the cost of your new home below one of the tax thresholds.

Hard times for new borrowers

The prospects for new borrowers are not so rosy – and this applies to first-time buyers, existing borrowers whose current deals are coming to an end and anyone needing to move house whose current deal is not “portable”, so they will need to take out a new loan.

Over the past few years, fixed-rate mortgages have been all the rage, because even with the arrangement fees that they attract they have worked out cheaper for borrowers. People who opted for short-term fixed rate deals felt they could easily find a new, and maybe even cheaper, rate when their first deal came to an end. Indeed, some people found it tempting to cash in existing mortgage deals and suffer an early repayment penalty because it could be cheaper to remortgage at a lower rate.

Mortgage arrangement fees are higher

To make matters worse, fees are also jumping. According to recent research, the number of fixed mortgages with high fees has rocketed by as much as 1,368% in the past 18 months, as lenders get tough on customers looking for the best deals.

Some 323 fixed mortgages – 34% of the total fixed rate mortgage market – charged application fees of £750 or more. This compares with September 2006 – before the credit crunch hit the UK – when only 22 fixed mortgage deals charged that much.

Average application fees on fixed mortgages have risen by 66% over the same period, from £517.19 in September 2006 to £860.25 now. The highest fee on record 18 months ago was £1,499 on Halifax’s two-year fixed mortgage for homeowners with a 25% deposit or more.

But now the Halifax charges a fee of £3,999 on a three-year fixed deal for its existing customers who have homes worth between £500,000 and £2 million.

Figures from the Council of Mortgage Lenders (CML) have shown that, ironically, fixed-rate mortgage deals grew in popularity in April, with the proportion of borrowers taking out a fixed-rate mortgage up 5% to 59%, compared with 54% in March, the largest proportion since last December.

Go for a longer fix

However, anyone taking out a two-year fixed rate mortgage could be tying themselves in, not just to a deal with high fees, but to the prospect of paying out all over again in just two years’ time. Darren Cook of analysts Moneyfacts, said: “With fears of base rate increases, swap at over 6.3% and rising, and lenders continuing to price more for risk, it is likely that mortgage rates will continue to follow suit. Under these uncertain times, many borrowers are looking to fix their mortgage payments and a five-year deal could become a preferred option rather than the popular two years.

“The current average rates for a two-year fixed deal stands at 6.68%, which equates to a monthly repayment of £1,029.75 on a £150k repayment mortgage. In comparison, the average five-year fixed stands at 6.66%, with a monthly repayment of £1,027.86.

“There is little difference between the initial monthly repayments of these two deals and, in my view, we have now seen the end of loss leading product pricing within the two-year market.

“With the short and medium term economic outlook not looking too promising, homeowners are less likely to move home due to falling property values and banks lowering the maximum loan to values available. There is now new scope for a borrower to possibly take a more prudent approach, to look past previously popular two-year deals and look for longer term stability.”

Beware of tracker mortgages?

It seems like only yesterday that mortgage experts were telling everyone to go for tracker loans. Fixed rates were going up, but the Bank of England base rate – to which most trackers are linked – seemed likely to fall.

The experts are changing their minds, or maybe the pessimists have louder voices, as economists are now warning that the Bank of England base rate may need to increase to keep inflation under control. Opting for a tracker loan could be a bit of a gamble until the outlook for base rates seems more certain.

Bigger deposits attract the best mortgage deals

In its report the CML warned that lenders need not only to pass their own higher borrowing costs on to borrowers, but they also need to protect themselves in case house prices fall further. Therefore some lenders have been putting up the cost of mortgages for borrowers who can put down only a small deposit.

According to Moneyextra.com’s most recent monthly review of the mortgage market, the average loan-to-value (LTV) being considered by first-time buyers in May was just under 82%. However, many lenders are routinely restricting borrowers to loans of no more than 75% of the value of the property they want to purchase, while some will only offer their “best” rates on 60% LTVs. There are now none of the plentiful 100% loan deals that were on offer at the start of the year.

Robin Amlôt, senior editor of Moneyextra.com, said: “First-time buyers are being pushed out of what’s left of the housing market – being asked for deposits that could run to several tens of thousands of pounds.”

The CML said that new buyers put down an average of 13% during the month, the highest figure since November 2004 and up from 11% in March.

Finding the Best Mortgage Interest Rates

admin — Thu, 01 Apr 2010 21:55:10 +0000

Last week you may have read some headlines about the UK government reports that were released containing a few interesting pieces of information. First of it was good to hear that many citizens are making the most of the lower interest rates to overpay on their mortgages effectively reducing their mortgages. For many significant overpayments can take years off the mortgage term. Lenders have also opened up the taps in the second quarter of this year, increasing the amount of secured credit. Increasing the supply will hopefully translate into more being able to purchase homes which should have an impact on house prices. There are many factors that will contribute to the mortgage market and have an effect on any beginnings of a recovery. Mortgages interest rates are predicted to have reached their best rates, with a limited amount of credit and more demanding mortgages than is being supplied, mortgage lenders are lending only to those on the good end of their credit measures and are charging good rates for them above the base rate. It is always tough to predict when and how quickly the economy is going to recover so it is best to do your homework and research the different types of mortgages on offer, current best deals and narrow it down by looking at the maximum loan to values available. Consider fixed rate, variable and tracker mortgages. Fixed rate gives you the comfort in knowing what you can expect to repay each and every month however will likely costs you more in repayments in the short term while the base rate remains low.

Seek professional advice to get the information and advice individual to you. Mortgage brokers will have expert knowledge about the current market place, will be looking at trends and a long established one will have experience of the previous recession. Many mortgage brokers offer a great service without charging a fee so you can take their advice, have your questions answered and find out the latest mortgage interest rates without obligation. The cost of fixed rate mortgages looks likely to keep rising so if you want the best deal and piece of mind you’ll need to be quick!

Finding the Best Fixed Rate Mortgage

admin — Sat, 13 Mar 2010 16:52:51 +0000

Many best fixed rate mortgages are only available for a short amount of time so checking the best buy tables regularly will ensure you don’t miss out on those deals. With interest rates now down to half a per cent this is the lowest they are going to go too. There wouldn’t be any real benefit to drop them any further. Whether it is a good time to look for a fixed rate mortgage or not is a good question. The low interest rates do mean lenders can offer lower rates however the rate at which they lend and borrow money to each other, the London Inter Bank Offered Rate (LIBOR) is currently much higher than the base rate. Until lenders are comfortable lending to one another and return to lending at the same levels they did before the credit crunch good rates may be hard to come by or unattainable by many.

If you do decide to go for a fixed rate mortgage, the internet has a wealth of information to help you. Once you have a good idea of what you want and a better understanding of mortgages, getting professional advice would be my advice.

Mortgage brokers are professionals who can answer all your questions with confidence; they have expert knowledge and experience of the market. They are in the best place to help you first of all find the best fixed rate mortgage to suit your circumstances.

A whole of the market mortgage broker will, as the name suggests, search every lender, every deal. They offer additional benefits from giving advice and help with the mortgage application process. Whatever you do don’t go to your bank they will simply offer you a mortgage from their limited range, you could end up paying thousands more in repayments over the course of the mortgage.

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