Interest rate rise is delayed, so remortgage while rates remain at historic lows.
The BoE has suggested that in the interest of the economy interest rates may now not rise until 2017.
Good news indeed for home-owners who still have time to bag a new mortgage at rates held at record lows.
Predictions are for rates to remain low, however at present the view is rates while not likely to climb are not likely to get much lower either. Holding off for a better deal therefore might not make sense, particularly in light of changes to mortgage rules which are just around the corner.
While rates may not go up and you think you have time to wait, after March 2016 strict affordability checks for all remortgage applications will come into effect. For some this will mean a refusal, and they will revert to their lender's much higher SVR.
To avoid having your application refused as criteria is tightened act now. Review your current offer and find out what competitive deals are available to switch to at your equity level.
For independent remortgage advice call us at Deal Direct.
One of our impartial advisers will review your circumstances to find you the best deal available to switch to and save money.
Don't pay more for your home than you need to.
Call us for advice today. 0800 048 8828.
