Fixed rate remortgage deals increase in popularity.
With announcements of further mortgage rate increases, fixed rate remortgage products are looking a secure option. Mortgage-holders who have recently experienced a rise to their standard variable rate are looking around for a new deal to switch to.
Home-owners who contact Deal Direct advise that the need for financial security is currently their number one priority. We are advising those home-owners who are risk averse and looking to switch from an uncompetitive deal, to consider a fixed rate remortgage product.
Some lenders are releasing attractive remortgage deals to attract home-owners with rival mortgage providers. Both Barclays and Nationwide have introduced rate cuts of 0.2% to attract new business.
There are many types of mortgage on offer but a fixed rate deal offers the opportunity to fix your rate for an agreed period of time. This means that you know what your out goings will be which enables you to budget more accurately. With a fixed rate remortgage you do not need to worry about rates increasing during the term agreed.
The period you choose to fix can be anywhere from 2 to 5 years, however some deals are on offer at 7 and 10 year terms. The cheapest rates are usually offered for shortest terms, however additional remortgage costs can be incurred as you may end up switching deals more often.
By contacting Deal Direct we can help you work out which fixed rate remortgage product is best for you.
Contact one of our skilled advisers today to source a competitive deal for you.
