Lenders cheapest mortgage deals needed by SVR mortgage holders.
The cheapest mortgage deals on offer are now in more demand than ever. The newly arrived month of May has bought with it lenders increased mortgage rates, which are expected to impact more than a million UK house-holds.
It is anticipated that in total, UK home-owners could expect to pay an extra £300 million more in mortgage repayments which is all thanks to increased standard variable rates.
Mortgage rate increases are likely to add further pressure to strained household budgets at a time when Britain is entering a second recession. Mortgage-holders who have not already switched from their lender's SVR are advised to begin looking for the cheapest mortgage rates to make an affordable product switch.
Which? consumer research reveals 70 per cent of mortgage-holders are concerned about their ability to financially cope with increased repayments, 14 per cent advise they are already finding it a struggle to repay their current monthly amount.
Around half of all home-owners questioned told Which? if their mortgage repayments were to increase by £50 per month then in all probability they would need to cut regular monthly spending.
For those SVR mortgage-holders looking to remortgage the news is not all negative as UK mortgage rates still remain close to record low levels.
If you are looking to remortgage and want the cheapest mortgage rates on offer contact Deal Direct today. We are a 'whole of market' broker dedicated to helping home-owners with rising rates find a competitive new deal.
