Concerns over an interest rate rise drives remortgaging activity up.
The belief that interest rates will rise next year is driving home-owners to remortgage. With competitive deals on offer many mortgage-holders are searching the market to find themselves a competitive rate to switch to.
A recent survey from the Building Society Association has revealed that over 50% of mortgage holders are concerned they will no longer be able to cope financially once rates rise. If this is your situation and you would struggle if rates were to go up, then the advice is to search the a market for a cheaper fixed rate deal.
By locking in for a fixed period you could protect yourself from an immediate rate rise.
Remortgage activity over the last couple of months has increased with news of a rate rise, however not all home-owners are switching to a lower rate. August figures show that a third of remortgaging home-owners released equity in their home.
Whether you are looking to switch to a lower rate or release equity in your home, an adviser at Deal Direct can search the market to find a competitive remortgage to meet your needs.
With rates still low it's possible to find a low rate which could allow you to release equity while still keeping your repayments similar to what they are now.
If you would like impartial advice and a low rate quote, call us on 0800 048 8828.
Our highly qualified advisers are waiting for your call.
