With the Bank of England seemingly looking to reduce interest rates to a new record low this summer, lenders are already clambering over themselves to grab an early share of the market.
Although the doom sayers have been warning against interest rate rises for the past 7 years (since the credit crunch saw rates tumble to their present record low) there still seems to be little evidence that neither mortgage borrowers or bond investors need to start panicking. 10 year fixed rates are becoming ever popular, and maybe, this summer is the perfect time to build in additional stability to long term financial planning, controlling for the foreseeable future most households greatest monthly outgoing - the mortgage.
Now could be a good time to build a strong relationship with a good mortgage broker, and settle the nerves over interest rates for the next decade. Who knows, even longer fixed term rates may be around the corner.
Jeremy Squibb - Serenity Financial Planning, Cornwall
The lowest-ever ten-year fixed-rate mortgage has been launched as lenders battle to undercut each other to attract business in an uncertain housing market. Ten-year fixed rates - where borrowers usually have to commit for the full decade - have historically been unpopular, but experts say lenders are now trying to appeal to borrowers who are anxious about long-term instability caused by Brexit.