Consider your remortgaging options before interest rates rise.
With an interest rate rise predicted for early 2016, stress on house-hold budgets after this time is a serious worry.
If you are a mortgage-holder coming to the end of a fixed term, you cannot afford to ignore the fact that rates may soon go up. If you have failed to lock in then this could mean paying more for your home each month than you need to or may be able to afford.
It is important to consider that with an interest rate rise it is not just mortgage rates that could rise. As the bank rate goes up it is inevitable that loan rates and credit card interest rates will go up too.
If you have credit card debt as well as a mortgage then you maybe thinking about getting your costs down. One way to do this is to lock into a cheap mortgage deal while you can because that is one cost you can reduce by acting sooner rather than later. If you fail to do so you could find yourself missing out, and by the time you do make a search the cheap deals may have already gone.
Those home-owners who purchased their home in the last 5 or 6 years have yet to experience an interest rate rise. They have only ever known bank rates set at record lows. As the bank rate rises, the impact an increase will have on your finances cannot be under-estimated. For that reason you really should be searching the market now to see what cheap rate deals are on offer.
Don’t get caught out, find a cheap mortgage while you can.
For impartial advice and a low rate mortgage quote speak to one of our advisers.
Call us at Deal Direct on 0800 048 8828.
