Wellingborough Home Buyers Could Save £1,000 a Year

The average five-year fixed mortgage rate fell below 6% for the first time in seven weeks on Tuesday, and remained there on Wednesday, the financial information service Moneyfacts said.

Mortgage rates spiked after the government’s mini-Budget in September, driving up costs for borrowers.

Average five-year mortgage rates hit 5.95% on Tuesday, and remained at the same rate on Wednesday, Moneyfacts said. This is down from a high of 6.51% on 20 October.

The average selling price of properties in Wellingborough over the last 12 months was £214,000. This means that for the AVERAGE buyer could save over £1,000 a year

(based on the latest HSBC rates @ 85%).

The rates on two-year mortgages, which are more common, have also been falling gradually, from 6.65% on 20 October to 6.14%.

Rachel Springall, a finance expert at Moneyfacts, said: “Borrowers who paused their home ownership plans, or indeed parked the idea of refinancing, may now be tempted to scrutinise the latest deals on offer.

“However, it is worth noting that rates could fall further still, but there is no clear answer as to how quickly that may be.”The average five-year fixed mortgage rate fell below 6% for the first time in seven weeks on Tuesday, and remained there on Wednesday, the financial information service Moneyfacts said.

Mortgage rates spiked after the government’s mini-Budget in September, driving up costs for borrowers.

Average five-year mortgage rates hit 5.95% on Tuesday, and remained at the same rate on Wednesday, Moneyfacts said. This is down from a high of 6.51% on 20 October.

The average selling price of properties in Wellingborough over the last 12 months was £214,000. This means that for the AVERAGE buyer could save over £1,000 a year

(based on the latest HSBC rates @ 85%).

The rates on two-year mortgages, which are more common, have also been falling gradually, from 6.65% on 20 October to 6.14%.

Rachel Springall, a finance expert at Moneyfacts, said: “Borrowers who paused their home ownership plans, or indeed parked the idea of refinancing, may now be tempted to scrutinise the latest deals on offer.

“However, it is worth noting that rates could fall further still, but there is no clear answer as to how quickly that may be.”