Beat rising mortgage rates.
For roughly three years home-owners have experienced cheap mortgage rates and many have forgotten times when rates and monthly mortgage payments were higher.
Despite the base rate sitting at 0.5 per cent for yet another month, some mortgage rates are increasing.
The SVR increases Deal Direct have warned about for the last 6 weeks are here, and more could be announced over the coming months.
SVR customers of Halifax, Clydesdale / Yorkshire banks and the Co-operative have already seen their costs increase. The Bank of Ireland have announced their SVR increase in 2 parts in June and September this year so those on with a Bank of Ireland SVR should be looking to move deals now.
The overall average SVR increase is 0.62 per cent which adds around £53 to the cost of a £150,000 mortgage.
If you are a mortgage holder hit by your lender's SVR increase then it is possible to beat the increase with a tracker mortgage deal.
The advantage of a tracker as opposed to an SVR, is that it follows in line with the BOE base rate and lenders cannot adjust the agreed rate offered. We have reported how one tracker mortgage provider has found a contract loophole enabling them to bring in a rate increase, however by checking your mortgage offer carefully at the start you should avoid this happening in the future.
Deal Direct recommend that all mortgage holders now on lender's standard variable mortgage rates of 4 per cent and above, remortgage to a better deal.
Contact Deal Direct now and we will dedicate one of our skilled advisers to finding you a better deal.
