Homeowners: jump on the remortgage bandwagon now.
According to industry figures, nearly 60% of remortgages in 2016 were for the purposes of raising capital. This figure suggests that a large number of homeowners are taking advantage of the historic low remortgage rates to borrow more money against their properties.
Raising capital in this way could be for the purposes of clearing debts or for extending your existing home, as good quality housing stock appears to be less available.
As interest rates are so low, and as the BoE base rate has remained stable, making use of remortgaging to borrow money could be an intelligent move.
However, the rates are not likely to last forever as swap rates, which determine the cost of fixed rate mortgages, have been on the increase since last August. This, coupled with a weak pound and rising inflation, could provoke a possible rise in the BoE base rate, which will also have a knock-on effect across all mortgage products.
The advice would be to remortgage as soon as possible to avoid missing out on a lender’s ‘best-ever’ remortgage rate deal.
To find out more information and to discuss your requirements in further detail, call Deal Direct. Our expert remortgage advisers can provide you with a no-obligation quote, and compare all the available offers.
Call Deal Direct on 0800 048 8828 for record low remortgage rates today.
