Fixed rate remortgage deals appeal to vulnerable SVR holders.
Many vulnerable mortgage-holders are reviewing fixed rate remortgage deals after discovering that a standard variable rate can easily increase. Many are choosing to opt for longer term security and peace of mind.
While it is true a fixed rate remortgage deal may be offered at a higher rate than for example a tracker mortgage rate, the extra cost is worth it to those who want to know that their rate cannot increase until the end of the agreed term.
Standard variable rate mortgage holders have come to realise just how vulnerable they really are and are opting for peace of mind with fixed rate deals. Lenders such as Barclays are keen to attract new customers and so have launched a range of new products with lower fixed rates.
Five year fixed rate deals are an especially attractive product to SVR mortgage holders, as while two and three year fixes are generally offered at lower rates, deals taken out now may come to an end just as the BOE base rate begins to rise.
While five year fixed rate remortgage deals offer longer term mortgage security, Deal Direct recommend that home-owners ensure that any deal agreed is portable and can be moved to a new property.
Deal Direct as a 'whole of market' broker can compare all UK lenders fixed rate remortgage deals on offer. We can find you a highly competitive product to switch to. Call one of our expert impartial advisers today.
