How hard will you be hit by rising mortgage rates?
With the first interest rate rise in years just a few months away, have you considered how you will be impacted as mortgage rates rise?
Even before the bank rate increases it is highly likely lenders will begin to up their rates. In fact this has already begun to happen with lenders such as NatWest already increasing rates on certain products within their fixed rate range.
Fear of rising mortgage costs are not unfounded, with many home-owners now rushing to lock into a good deal while they still can.
With an interest rate rise not only will mortgage rates rise, credit card interest rates and new loan interest rates will also rise which means an increase in many household outgoings.
Once the back rate goes up next year you could face a financial struggle if you have failed to lock in, particularly if you have allowed your deal to default on to your lender's SVR.
Standard variable rates will be impacted by an increase in interest rates, which means if you are on this type of deal you are likely to be hit early on by extra costs.
If you are wondering if you need to fix your mortgage now to avoid being hit hard by rising rates, call us at Deal Direct for impartial advice. We can make a review of your finances to see what low rate offers are available to switch to at your deposit level.
Don't despair, the interest rate maybe be going up but we can help you find a competitive deal to lock into.
For advice and a low rate quote call us today on 0800 048 8828.
