Commenting on the news that HSBC has launched Britain’s first fixed-rate mortgage below 1%, Tashema Jackson, money expert at Uswitch.com, says: “Competition in the mortgage market is hotting up with the first fixed-rate sub one per cent deal now available. While this headline grabbing mortgage rate will be attractive to many home buyers, only those with a hefty 35% deposit will be able to take advantage of this record low rate – shutting the door on most borrowers.
“People should look beyond headline rates and consider their own personal circumstances when looking for a mortgage deal. Many of the lowest rates carry very high fees and may not actually work out cheaper in the long run. For some borrowers a two year fixed mortgage will not provide enough stability and a five or ten year fixed deal might be the better option.”
Find out how you could save over £1,000 a year with Uswitch here.
FOR MORE INFORMATION
Rory Stoves
Phone: 020 3872 5613
Email: rory.stoves@uswitch.com
Twitter: @UswitchPR
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Uswitch is the UK’s top comparison website for home services switching. Launched in September 2000, we help consumers save money on their gas, electricity, broadband, mobile, TV, and financial services products and get more of what matters to them. Last year we saved consumers over £373 million on their energy bills alone.
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