There was also a seasonal decline in April due to the Easter period. Despite this, gross lending amounts remain in line with the forecast made by CML for 2010 as a whole.

Research carried out by Money Supermarket, has identified that the number of five-year fixed mortgage deals available in the marketplace have increased ten-fold since April 2007. The firm has identified that three years ago, there were only 39 five-year fixed products available, compared to the 411 different types of five-year fixed products available now. At the same time, there has been a significant decrease in the number of two-year fixed rate deals available – 3,767 to 612. The number of three-year fixed rate deals has fallen from 2,398 to 449.

The research shows that although there are a larger number of five-year fixed rate products available in the marketplace, some customers, especially customers who are re-mortgaging, may find that in three years time they want to move houses, however, if they are stuck in a five-year fixed deal, they will find that they will need to pay penalty fees for getting out of the fixed deal early. As a result, these types of customers are looking more closely at two-year fixed rate deals as they may appear to be more attractive.

If you are looking to find the best deal available in the marketplace, then the best thing is not to limit yourself when it comes to options. Instead, look for a whole of market broker and get to find out about deals from as wide a range of lenders as possible. Every mortgage product has its own features and a leading whole of market broker can explain these aspects of the deal to you and hopefully help you to make an informed decision on which deal is right for you.

When you’re ready to look for advice on mortgage lender Newcastle services then have a look for a whole of market broker online or chat to a professional at a base rate tracker mortgages

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Essentially, this product is only ideal for: first-time homebuyers who want fixed payments and have limited opportunities to make lump-sum payments during the first five years of their mortgage; and property investors who need a low fixed rate and are not concerned with making lump-sum payments.

No-Frills products also won’t let you take your mortgage with you if you purchase another property before your mortgage term is up – ie, portability is not an option with this product. Portability is an important option that could save you money over the long term if the home of your dreams is within your reach before your mortgage term is up and rates have risen, which they have a tendency to do over a five-year period.

It’s understanding why these products may seem appealing. After all, during tougher economic times who has the extra cash to put down a huge lump-sum payment? And who needs a portable mortgage if they’re not planning on moving until the market picks up? But it’s important to remember that a lot can change over the course of five years – or whatever term you choose for your mortgage.

The thing is, you can still obtain great mortgage savings without giving up the perks of traditional mortgages. For starters, many lenders are willing to offer significant discounts if you opt for a 30-day “quick” close.

There are, however, other ways in which to earn your own discounts. For instance, by switching to weekly or bi-weekly mortgage payments, and by obtaining a variable-rate mortgage but increasing your payments to match those of the going five-year fixed rate, you’ll be ahead of the typical 0.1% discount of a No-Frills product within approximately three years.

No-Frills products represent a great example of why interest rates are not the only important factor to consider when deciding whether to opt for a particular mortgage product. Much like buying a car, you get what you pay for. If you don’t want a car with air conditioning, a stereo, a cup holder, and so on, then you can get the cheapest car going… but you’ll likely regret it later.

Jeremy Fleming is a Mortgage Broker in Vernon BC with Dominion Lending Centres – White House Mortgages. As a real estate investor AND Mortgage Broker, Jeremy has a high level of industry knowledge that is simply not available through traditional bankers, and many other Vernon Mortgage Brokers. Jeremy can help you with your mortgage needs here in the Okanagan and beyond. Visit him online at http://www.JeremyFleming.ca or call (250) 545-1554.
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Please Note... All links within articles are placed by their author-owners and not by this blog.Products with in those links may or may not be the best in the world.If it sounds too good to be true it could be a scam.Articles are posted for their info,ideas and or entertainment value only.

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