Spellman Financial Services

Fixed rate mortgages at an all time low

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lenders are continuing to lower fixed rates

Mortgage fixed rates are the lowest they have ever been - for some

There are now several Mortgage Lenders offering fixed rates over 2 and 5 years at below 1%.

This now means a number of lenders are offering fixed rates at the lowest levels ever.

And the cheapest fixed rate in history (at 0.92%) is currently available on the market to those looking to Remortgage and move home.

There are a few mainstream Mortgage Lenders jostling with one another at the top of the best buy table, keen to offer the lowest interest rate and win business.

What's the catch

The market leading rates, which are sub 1%, will require you to either have a 40% deposit or equity in your home.

So whilst there will be plenty of borrowers able to take up the headline rates, the vast majority of First Time Buyers won’t.

However, we are generally seeing rates across the board falling, and there may still be some scope for rates to fall for those with higher deposits for example 5 to 10%.

What this means?

Mortgage Lenders have confidence and the money to lend.

Naturally the higher your deposit or equity in your home the less risk there is of Mortgage Lenders some or all of their money should you fall in to arrears.

Lenders clearly feel that those with large deposits, pose very little risk to lenders currently. This will be buoyed by the property market, which is continuing to see record property price rises.

There are 6 lenders offering 2 year fixed rates at below 1%

There are currently 6 lenders offering 2 year fixed rates at below 1% as of 5th August 21, the most on record.

This will mean a large number of customers will be eligible, as a broad range of criteria is covered by these lenders. Including light adverse credit, non standard construction, Specialist Self Employed/Contractors etc.

Will Mortgage Fixed Rates continue to fall?

If they do, it is unlikely to be by much.

So if it’s going to cost you money by waiting to switch, it almost definitely won’t be worth it.

Rates historically don’t tend to fall below 0.99%, so you’re right to feel lucky if you are currently looking for a new Mortgage in Coventry.

Mortgage Advice in Coventry

We are proud to support the people of Coventry and Warwickshire with specialist, 5 star rated Mortgage Advice.

We are able to recommend and advise on all of the fore mentioned Mortgages above.

So if you are First Time Buyer, Home Mover or Remortgaging in Coventry or the surrounding areas, we can help.

Why use ourselves?

Luke Spellman, the Mortgage Broker you will speak to, has over 10 years experience in Financial Services. 5 of which has been spent working directly with Mortgages.

We are proudly rated 5 stars by our customers on Google, Vouched For & Facebook.

We can provide face to face advice to customers in Coventry & Warwickshire. Or a telephony service if you prefer, for Local or National Customers.

So for simply more information and for a non-obligatory free chat. Please contact us below.


Get in touch

Spellman Financial Services provides professional Mortgage advice to the people of Coventry & Warwickshire.

If you would like any individual advice or further information on any of the above or alternative Mortgage or Insurance Advice.

Please do get in touch and contact us on the below details, to see how we can save you money on your Mortgage.

Get in touch!

If you need Expert Mortgage Advice. Please complete the below contact form and we will get in touch within one working day.

Please note

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Address & Telephone

102 Stoney Road, Coventry, CV3 6HY
Telephone: 07739387944

Opening Hours

Monday-Friday: 08:00 – 20:00
Saturday: 08:00 – 14:00
Sunday: By appointment
Other times: can be arranged by appointment

Spellman Financial Services is an Appointed Representative of Openwork Ltd, which is authorised and regulated by the Financial Conduct Authority

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