Beat SVR increases with lowest mortgage rate offers through Deal Direct.
Lenders lowest mortgage rate offers through Deal Direct go a long way towards helping UK mortgage holders on lenders rising standard variable rates.
Up until very recently banks remained fearful of increasing their SVRs, but wholesale funding costs are increasing and lenders say it is time that some of the funding increases are passed on to mortgage holders.
The Halifax started the ball rolling by increasing its SVR by 0.46 % and other lenders very soon followed suit.
All of the banks who have chosen to increase rates, emphasise that this in no way contradicts Government policy. They imply they have to charge more for mortgage deals because the 3 month Libor, which is the average rate for interbank lending, has risen 0.25 % since autumn 2011.
As many SVR mortgage holders are already stretched trying to balance house-hold finances, a remortgage maybe the way forward in reducing monthly outgoings.
Deal Direct believe that you may need around 25 % equity to achieve the lowest mortgage rate on offer, however mortgage rates have significantly improved for those of you with around 15% equity.
The more equity in your home the more likely it is that you will be able to switch to the very lowest mortgage rate deals on offer. If you act now and contact Deal Direct, a 5 year fixed rate mortgage or lifetime tracker mortgage deal, offered at less that 4 % should be achievable.
Contact our skilled 'whole of market' mortgage advisers now for the best mortgage deals currently on offer in the UK today.
