If you have failed to achieve the lowest mortgage rate, contact Deal Direct.
To get the lowest mortgage rate you generally need a large deposit for a low loan to value mortgage.
However for most borrowers affected by rates rises there are better deals available even if you do not have a substantial deposit. By simply switching to a different deal and remortgaging you could reduce your monthly payments.
Yet more rises have been announced for the coming months, with some home owners already paying more. With just 10% equity in your home you could find a better rate, for example a two year fixed deal, subject to meeting new lending criteria.
At Deal Direct we have access to 'whole of market' lending and can advise you on which type of option could suit you, as well as sourcing the lowest mortgage rate available. If you have 25% or more equity in your home you are in a good position to secure some of the best deals in the market for five-year fixed rates and lifetime tracker deals.
Compared to the new Halifax SVR rate of 3.99%, if your have 25% equity you could make substantial savings by remortgaging. For example a two-year tracker deal from Norwich & Peterborough Building Society, is currently offered at 2.74%. If your current interest rate is anywhere near 4% there are better deals on offer from many lenders.
If you need mortgage advice call our independent advisers at Deal Direct. Our aim is to find the type of deal that suits your situation best and source the lowest mortgage rate in the market, so that you can save money.
