Have the record low remortgage rates ended?
The age of record low rate remortgages may well have come to an end, as lenders begin to increase the cost of their products.
Skipton Building Society, for example, has announced increases of 0.37% to some of its range. The West Bromwich, as well as Virgin Money, have also announced changes to certain parts of their mortgage ranges.
Market analysts think that the rest of the banks and building societies will soon follow suit.
But, why should this be?
The uncertainty that the market experienced after Brexit did not have the expected impact on interest rates. Despite an increase in swap rates, mortgage rates actually dropped to new record lows.
However, since the US election result, mortgage rates there have now risen by 0.4%.
As the UK market is closely linked to the US, the prediction is that the whole of our market will soon echo this rise.
Some lenders, such as the ones mentioned above, have responded quickly to the increase in the US, and have revised their costs upwards. This is by no means true of all lenders, and there are still some excellent low rate deals to be had.
The advice, though, is to act quickly.
If you have been considering the remortgaging option, but haven’t done anything yet, don’t delay any longer as you could miss out on the remaining low rate deals.
Don’t end up paying more than you have to. Speak with an expert remortgage adviser from Deal Direct today.
Contact us on 0800 048 8828 now or click below for an instant quote.
