Brexit aftermath - Remortgaging to reduce household expenditure.

With the UK’s decision to leave the EU, household expenditure may begin to rise.

Mortgage rates have been low, but we could begin to see lenders introduce rate increases as a mechanism to control lending. 

If you are approaching the end of a fixed rate deal, it’s now more important than ever to act without delay and remortgage to a lower rate. By delaying you could miss out on a cheap deal, and as rates rise owning your home could become more expensive.

If remain campaign predictions of rising costs come true, household budgets will be put under strain. For this reason, you are strongly advised to keep a close eye on your income and outgoings.

A review of your house hold expenses can help you work out how much you have to spend after your bills are paid. You will be able to see exactly where your money is going and work out what bills you can reduce.

For mortgage holders there is uncertainty as to which way rates will go.

While some experts are predicting rates may well fall, there are many predicting that they will rise. You need to consider what effect rising rates will have on your household. Remember if borrowing rates go up it won’t just be mortgage rates that will rise, credit card and loan rates will increase to.

The advice is to make an immediate review of your current mortgage offer.

Call 0800 048 8828 and speak to a Deal Direct adviser for free, straightforward, honest,  no-obligation mortgage advice, we can tell you what lower rate deals are on offer. This is even more essential if you are on your lender’s variable rate option.

Moving to a fixed rate option would protect you from a rate increase.

Take control of your finances by shopping around to find lower rate deals on everything. With your mortgage likely to be your biggest house-hold expense, review your options so that you can save as much money as possible.

For no-obligation impartial advice and a low rate quote call us at Deal Direct. We are here to help you switch to a cheaper deal to save money.

Speak to a re-mortgage adviser on 0800 048 8828.