5 Year fixed at 3.69%! Sign Me Up…
13th October 2010
Today sees the release of a watershed 5 year fixed for remortgages at an astonishing 3.69%. With a flat fee of £1,750 and free valuation and legals this is available up to 60% Loan-To-Value.
Many will struggle to recall a more competitive 5 year fixed rate offering in any market.
This particular golden nugget is available from ING, the latest direct lender to embrace the intermediary channel through a select band of brokers via Legal & General.
For those who have put off remortgaging for a while, happy to sit on a low variable rate until something interesting comes along, well, this is that something.
With the lowest SVR currently at 2.5%, most others are higher, only the most bearish will believe that rates will not rise by at least 1.19% in the next 3 years, meaning that the initial uplift is a small price to pay for 5 years of security.
It will be interesting to see if other lenders follow suit and reduce their pricing further as products such as this are a real tonic for the beleaguered remortgage market.
Of course there will be many outside of the 60% LTV limits who will feel frustrated, but hopefully this is a sign that things are starting to hot up.
In the meantime, well done ING and well done those nice folks at L&G.
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Andrew Montlake, Director and Spokesperson for Coreco, gives his honest and forthright views on the mortgage market, economy and all things property related. Monty was voted "Mortgage Personality of the year 2008", "Best Press Spokesperson" in 2011 and is the current holder of the British Mortgage Awards “Best Marketeer” title. Expect expert analysis, delivered in a down to earth style with a side helping of exuberance.