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5 Year fixed at 3.69%! Sign Me Up…


Today sees the release of a watershed 5 year fixed for remortgages at an astonishing 3.69%. With a flat fee of £1,750 and free valuation and legals this is available up to 60% Loan-To-Value.

Many will struggle to recall a more competitive 5 year fixed rate offering in any market.

This particular golden nugget is available from ING, the latest direct lender to embrace the intermediary channel through a select band of brokers via Legal & General.

For those who have put off remortgaging for a while, happy to sit on a low variable rate until something interesting comes along, well, this is that something.

With the lowest SVR currently at 2.5%, most others are higher, only the most bearish will believe that rates will not rise by at least 1.19% in the next 3 years, meaning that the initial uplift is a small price to pay for 5 years of security.

It will be interesting to see if other lenders follow suit and reduce their pricing further as products such as this are a real tonic for the beleaguered remortgage market.

Of course there will be many outside of the 60% LTV limits who will feel frustrated, but hopefully this is a sign that things are starting to hot up.

In the meantime, well done ING and well done those nice folks at L&G.

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Andrew Montlake

Written by Andrew Montlake

Andrew Montlake, better known as Monty, began his journey with an Hons degree in Economics & Politics before starting in the mortgage industry in February 1994. As a main founder of Coreco in 2009, he successfully grew the brand, marketing, and communications, and was made MD in 2019 focussing on the overall vision, strategy, and culture of the company. As Coreco’s media spokesperson, Andrew can often be seen or heard on TV and radio as well as regularly commenting in the national, local, and trade press. He is the author of this acclaimed Mortgage Blog and is well-known for his social media, podcasts, and public speaking. Andrew is now proud to serve as Chairman of the Association of Mortgage Intermediaries, (AMI) as a cheerleader for the Mortgage Industry as a whole and continues to work at the coal face, writing mortgage business and advising clients.

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