Should you look for lenders best remortgage deals and switch?
With rising rates many are looking at lenders best remortgage deals to find a competitive rate to switch to.
The decision as to whether you are best to stick with what you have or search for a better offer is easy. If you have a rate above 4%, no early repayment charge and a reasonable level of equity you would be better off comparing the best remortgage deals on offer for a better rate.
If you are on a rising SVR you are recommended to review your options.
Nationwide SVR mortgage holders will need to check their offer to see if they have a capping clause. Those with this clause do not need to worry as Nationwide have guaranteed that their rate will not rise beyond 2% above base.
Before remortgaging to switch to a better deal it is important to work out what kind of deal you want.
Currently 5 year fixed rates and lifetime trackers are looking a good bet, but which type of mortgage product is best for you very much depends on how much you are willing to gamble on the base rate not rising. Fixed rates tend to be higher but this is the price that must be paid for security.
The shorter the fixed period the cheaper the rate, but you could come to the end of your deal just as the base rate rises. Also the shorter the term the more likely you will have to remortgage down the line which will incur additional fees.
A regular mortgage review is highly recommended.
Contact Deal Direct today.
We will make a comparison of lenders best remortgage deals to find you a lower rate product.
