With interest rates at historic lows a lot of people in Beckenham are inquiring about fixed-rate mortgages, and for good reason. The current Bank of England base interest rate is a paltry 0.1% and has been that way for more than a year. Since banks base their mortgage rates on the BoE rate this means the interest rate on fixed-rate mortgages is also extremely low when compared to recent history.
How Low? While the amount of interest will vary a bit depending on the lender and the length of the loan it is possible to get fixed-rate mortgages in Beckenham today with interest in the 2-3% range. That’s less than half what it was in 2008. Over the life of the mortgage total savings can be very significant indeed.
