Existing fixed rate mortgage coming to an end?
If your fixed rate mortgage is coming to an end, you could find switching to a new lower rate deal could save you thousands over your mortgage term.
With fixed mortgage rates predicted to rise, locking into a low rate offer while cheap deals are still available makes sense.
If you are ending a 5 year term taken out mid to end 2008, then you are likely to make the largest savings of all. Average 5 year fixed rate mortgages at this time were 6.85%, this figure has now dropped to 3.84%.
Some shorter term fixed rates and trackers are set even lower and so there are some significant savings to be made.
So if you are looking at remortgaging to a cheaper deal what should you do?
Product choice is at a peak, with the number of available mortgage deals having just hit a 5 year high. However it is likely 5 years ago it was easier to get a deal, over the last 18 months mortgage criteria has been tightened and there are now a far more hoops to jump through.
You are advised to shop around the entire market to find the best fixed rate mortgage deal for your circumstances. You may need help to do this as there are now so hundreds of deals on offer to work through.
In addition to advertising rates and deals online, lenders also offer mortgage exclusives through certain limited broker channels. To access one of these deals you need to contact an independent and impartial 'whole of market' broker.
When choosing your broker you need to ensure that they are 'whole of market' and independent, as that way you can be assured they are acting solely in your interest and not that of the lender.
A search through an independent expert is always advisable as that way you are offered the best deal market-wide for your circumstances, and not just the deals on offer from the particular lender you are talking to.
For a competitive 'whole of market' mortgage offer tailored to your financial needs, contact independent experts Deal Direct.
Call today for advice and a low rate quote,
0800 048 8828.
