Peace of mind for five years
JEREMY and Joanne O’Connell have just secured a fixed-rate mortgage deal that will bring them peace of mind for the next five years.
The couple, who live just outside Loughborough in Leicestershire, have locked into a fiveyear fixed rate loan from Tesco Bank at 1.88 per cent.
Jeremy, a 47-year- old electrician, is delighted the new loan means they can now budget with a degree of certainty.
The rate is half the 3.79 per cent fixed rate they were previously locked into. But the couple have taken the new loan to reduce the mortgage term and borrow a little more to do some home improvements on their four-bedroom detached home.
The result is that their monthly payments will increase slightly.
Jeremy says: ‘In an uncertain world, it is good to build certainty into your household finances.’