What are mortgage rates likely to do next?
Recent mortgage market developments have left home-owners wondering what next for mortgage rates. Increases for new mortgage borrowers, SVR rises, interest-only criteria tightening and tracker rate increases have all recently been announced.
Lenders fixed mortgage rates started to creep up after last summer's record low levels but to the relief of many they slowly eased back. Those who have been notified of rate increases can now switch to a competitively priced rate fixed deal.
Tracker mortgages, viewed by those willing to take a risk as a cheapest option, are also starting to see increases. New tracker rates on offer at the moment are higher than they were 12 months ago as a result of rising funding costs. Those on existing trackers are being warned to beware as lenders are checking contracts to see if there is any way that these rates can be increased too.
Economic gloom means borrowers are afraid of a fresh credit crisis which could push rates up further. Deal Direct recommends that before a new raft of rate increases are announced, mortgage holders contact one of our skilled advisers for a mortgage rates comparison.
If you are due to come to the end of your deal you should be looking for a cheap rate now before they disappear.
Contact Deal Direct today and start saving money from tomorrow.
