THE DAILY MAIL By Louise Eccles
The next six months could prove the best time in history to take out a mortgage, experts claimed yesterday.
They said a price war between lenders will make it the perfect opportunity for homebuyers or anyone remortgaging.
Fixed-rate deals have never been cheaper and may even slip below 1 per cent within weeks. Variable rates have almost halved over the past 12 months to 1.64 per cent.
Brian Murphy, of the Mortgage Advice Bureau, said: ‘The next six months are shaping up to be the best-ever window to secure a low interest rate if you are looking to buy or remortgage.
‘Today’s prices have never been bettered in modern times and given that a base rate rise is inevitable at some point, it is unlikely they will be surpassed in the years ahead.
‘Lenders have begun the year with a strong appetite for growth, and newcomers are going head to head with established names to launch attractive new deals.’
Bank of England data shows that a typical two-year fix has dropped from 2.37 per cent to 2.01 per cent over the past 12 months.
On a £200,000 loan with 25 per cent deposit, that would save £420 a year…