The average rate on five fixed mortgages has surpassed 5% for the first time in months. The rate now matches that of January and is higher than at the same time last year when the rate was 4.56%. This means that the average monthly mortgage payment for first time buyers in the UK is 85% LTV costing £1,121 per month up from £1,065 at the same time last year.
The five year fixed term is still a much better value option than a two year so depending on your circumstances and age could still be a good option for you.
Get in touch with us today to discuss the best option for you. Call 0800 975 0222 or email us on themortgagedesk@gmail.com