Find out why now is the time to remortgage.

Mortgage rates are the lowest they have ever been making now the right time to shop round for a cheap remortgage deal.

As soon as the base rate rises from 0.5% mortgage rates will rise to, so if you don't lock into a cheap deal while you still can, you risk missing out all together.

With the base rate having stayed at a record low since 2009, a large proportion of mortgage-holders have only ever experienced rates going down and never going up. This has perhaps lulled many into a false sense of security, borrowers who believe this situation cannot possibly change. The fact is is can and it most certainly will.

To avoid a rate rise shock you are advised to review your finances sooner rather than later, that way you will be prepared when your monthly repayment does eventually rise. Now is a perfect time to undertake a market wide remortgage search while lenders continue to offer extremely low rates.

Market analysts feel rates are unlikely to fall further, making now the time to make the most of the products currently available. Remember by switching to a cheaper rate product you could potentially save yourself thousands of pounds a year.

The best advice is to shop around for a new mortgage through Deal Direct, we actively encourage all borrowers to carry out a regular mortgage review. After all if you shop around for the best deal for your utilities, car insurance and broad band shouldn’t you be doing the same for your mortgage? With your mortgage most likely your largest out going, this is where are you can make the largest savings.

There are various types of mortgage holder – the question is which one are you?

• Are you loyal to your current lender or just too lazy to switch?

If despite speculation rates will rise, you stick with your current lender and switch onto their SVR, you could find yourself paying far more than you need to. This could be as much as £64 extra a month if you have a 75% LTV mortgage on average price house.

• Are you an autumn switcher?

Are you a mortgage-holder who reviews their finances only when the market predicts rates will rise? If this is you, you could be paying over the odds for your current deal, especially if you have neglected to negotiate a new deal at the end of a fixed term and have been moved on to an SVR. SVRs are set higher than average rates and so you could save a large amount straight away if you found a cheaper deal.

• Do you track the base rate believing it will never change?

If you are on a tracker remember as soon as the base rate rises so will your mortgage rate. If you have a national average priced house on a mortgage up to 75% LTV you could find yourself paying up to £128 a month more if the base rate increases by 0.5%.

• Do you put off today what you can do tomorrow?

If you wait until the very last minute to take action, you could find the market has moved on but you haven't. If you wait too long your face missing out on a competitive offer if rates rise before you decide to act and review your remortgaging options.

The fact is if you are on your lender's SVR you should be searching for a more competitive offer to maximum costs savings. Ask yourself is it sensible to pay more each month for your home then you actually need to?

To get the ball rolling and remortgage to a lower rate call 0800 048 8828 and speak to an adviser at Deal Direct.

Call us today to find out how much money we could save you on your home.

Telephone 0800 048 8828.