A fixed-rate mortgage is a deal in which you agree to an interest rate with the lender and pay the same one for the duration of the deal.BYE BYEwas called, the swaps market has seen only marginal decreases, but a dip in activity has occurred as prospective buyers wait in hopes of new government incentives like increasedLower swap rates generally lead to lower mortgage rates, making borrowing cheaper.
Moneyfacts said the average rate on a two-year fixed deal stands at 5.96%, while the average five-year deal has a rate of 5.53%.You'll only be credit checked once during the term And if you're nearing the end of a fixed deal in the next six months it's worth contacting your broker now to lock in a rate.
But depending on the cost and how much you could save by switching versus sticking, it might be worth paying to leave the deal. Make sure you compare costs first.