Cheap remortgage deals remain available for home-owner
Cheap remortgage deals remain available for home-owners who are looking to secure a good deal. The MPC have again chosen to leave the standard base interest rate at 0.5 per cent, and the expectation is that the rate will not rise for the entire year. So with this information to hand does it mean home-owners can sit back and when their mortgage deal ends, pay their lender’s variable rate without the risk of an increase? Of course it doesn't!
Just because the MPC interest rate remains at an historic low it does not mean that homeowners are wise to wait before considering a new re mortgage deal. It is true that the interest rate may be set for the time being but that alone does not mean cheap remortgage deals will continue to be the norm. Other factors impacting the economic recovery could also hinder home-owners ability to borrow.
Lenders are already showing a more cautious outlook. They see lending as a more risky venture and therefore the best remortgage deals are disappearing and are being replaced with those with slightly higher rates. As many remortgage products are pulled the number of remortgage deals available to home-owners is reducing.
Good re mortgage deals may currently be available but this does not mean they should be considered the norm or will be available in the future. Home-owners are recommended to be alert and make the switch before the cheapest remortgage deals disappear all together.
