What are the best mortgages and savings offers available now - an expert explains - video Dailymotion

Robyn Demming from Raisin UK discusses the best deals for savers and borrowers.

Transcript

00:00If you've got a mortgage at the moment, it's still going to be a difficult time. Mortgage

00:05rates are higher than they've ever been really in terms of they're increasing further, they're

00:10more expensive. If you've got a fixed rate mortgage at the moment and you're coming up

00:14for a renewal, it's very likely that you're going to be spending a lot more than what

00:19you were anticipating. So if you can, it's definitely worth looking around and seeing

00:25if you can get a deal on that. The rates at the moment, I think the best one at the

00:30moment at the time is 4.77 for a two year, but that's still considerably higher to where

00:36we've been in previous years. If you can afford to go onto a variable for a little bit of

00:43time, given that rates might come down after August, then of course, but you have to obviously

00:48risk assess for yourself what works for you, because obviously if you take out a fixed

00:54mortgage and you can afford that, then of course that means that you'll have the same

00:58rates going forward, but variable obviously is subject to change. So you really do have

01:03to look out for the best deal for yourself. In relation to savings, savings over the last

01:09few weeks have actually had a little bit of an increase. So for one year, for example,

01:13on a fixed term, it was previously 5.15. But as of today, there's a one year out there

01:20at 5.21. So we've had a little bit of an increase there. And I think that's with the

01:25wider narrative of rates holding for longer. So some of the banks are actually passing

01:30on some of the rates and given a higher savings rate. So if you're able to lock into that,

01:37I would suggest doing so if you have some money available for savings, because there

01:42are some good rates out there, particularly in the one year, six month, you can get something

01:46for 5.25. And even easy access if you need the money coming up soon, the highest easy

01:52access at the moment is 5.02. So you can get something quite good if you're able to lock

01:57in something at the moment.