Interest-only mortgage-holder looking to switch to a repayment deal?
If you have a fixed rate interest-only mortgage, you could find yourself on a higher rate when your fixed term comes to an end.
The interest rate is predicted to rise earlier than planned and with it mortgage rates are likely to rise too.
For those sitting on an interest-only deal with no repayment plan in place, the advice is shop around and switch lenders to get a new more competitive deal.
There are cut rate mortgages on offer and property prices are rising which is improving equity levels, so now maybe a good time to look at moving onto a repayment deal.
With recent improvements in the mortgage market, interest-only mortgage holders may now have more remortgaging options.
Interest only customers with no means to repay their loan and little equity, may think it too much of a challenge to switch their mortgage to another lender. Many therefore end up sticking with their current lender at a higher rate, without finding out what their options really are.
If you are an interest-only customer, you may well find that as mortgage rates have fallen to historic lows and property prices have increased, your position is now stronger.
If you want to switch to a repayment mortgage you are recommended to call Deal Direct. we can search the market for an alternative deal for you to switch to.
If you want to remortgage from an interest-only mortgage speak to one of our advisers on 0800 048 5399.
Let us help you switch to a better deal.
Call 0800 048 8828 for a quote.
