Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED 
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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Low Rate Loans and Mortgages

How can I get a cheap mortgage deal?

Interest rates in the UK have remained at a very low level, of just 0.5%, since March 2009. With the announcement last month, from the Bank of England, that rates have, yet again, remained low, mortgage lenders have become aggressive in the rates that are available to new and old customers. 
 
As lenders fight for business they typically offer the most attractive rates as a fixed rate mortgage deal. First Direct is offering some market leading rates, fixed over 5 years 2.28% or 10 years at 2.89% Virgin Money offer a similar low 5 year fixed rate at 2.29%. 
 
For those that have more available equity in their property, or a larger deposit for a purchase, rates such as 1.19% are available from HSBC, fixed for 2 years, if you have a 40% deposit. 

Low APR unsecured loans

Unsecured loan lenders are striving to offer rates lower than 5% for the first time in years. Barclays Bank offer a 4.9% representative APR on loans of between £7,500 and £15,000. Tesco Bank offer a rate of 4.1% representative APR on loans of the same amount. Hitatchi Personal Finance offer an even lower rate of 4.0% representative APR on loans between £7,500 and £10,000 – this offer is available via the Everything Loans unsecured loan page.
 
Other types of loan lender are equally competitive, so in this time of record low interest rates, borrowing is at one of its lowest levels ever. Mortgage and loan lenders will forever be fighting for your customer – so the rate of borrowing could fall even further yet.
 
12th February 2015 Update: The Bank of England has suggested that inflation could become negative in the following months. The impact of this could, potentially, reduce interest rates even further. This would only enhance the competition in the loan and mortgage market - possibly resulting in even more loan and mortgage deals available at reduced rates.

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