Longer Fixed Remortgage Deal Demand Increases in April

Longer Fixed Remortgage Deal Demand Increases in April

As many property owners seek ways in which to lower their monthly outgoings, remortgage terms are becoming more and more favourable. Fixed rate loans have been around forever, but now longer fixed rate packages are all the rage. Many lenders offering fixed rate packages are now creating even more advantageous conditions for borrowers and they are taking notice.

Property owners have known about the benefits of fixed rate remortgage deals for quite a long time. Now, however, fixed rate terms are reaching longer and longer lengths. Two year terms have been quite popular for years, but five year terms are now in higher demand.

Almost half of all remortgage deals obtained in the month of April were five year fixed deals, according to the latest figures released by LMS. About one-third of all remortgages obtained during the month were also fixed, but only two year term deals.

Fixed rates mean the monthly mortgage amount is just that, fixed. It is fixed for the length of the term of the loan and that is quite important for those property owners seeking a way to better manage their finances. Fixed monthly mortgages make it possible for budgets to remain more consistent, especially those which make up a significant amount of total monthly outgoings.

Family budgets can be quite difficult to manage and are also the origin for much of the daily stress we endure. Fixed remortgage deals are one way to control finances and relieve some of that stress all whilst obtaining a lower interest rate, which is likely.

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