Preparing for a rate hike – choosing a fixed rate mortgage.
Market predictions were for an interest rate hike early next year, however at present it is unknown exactly when this rate increase will be.
For mortgage-holders reaching the end of a deal there is a way to protect yourself from uncertainty. A fixed rate mortgage is the way forward for many borrowers wanting to ensure they know exactly how much they will need to repay each moth over an agreed term. By opting for a fixed rate borrowers will be better prepared to deal with a rise in interest rates when it happens.
Those mortgage-holder who have opted for a fixed rate have been benefiting from historically low rates for many months, with most rates set at the lowest levels the market has ever seen. As we move towards the end of the year and into 2016, it is difficult to predict exactly what will happen with rates and therefore you are advised to protect yourself while you can.
If you would like to find out exactly what is on offer at your deposit level call 0800 048 8828 and speak to a Deal Direct adviser. We can make a market-wide mortgage search on your behalf to find you a low rate deal to lock into.
Whether you are looking to purchase a new home, remortgage to a lower rate or invest in buy to let our highly qualified advisers can find you the right deal at the right rate.
For advice and a competitive mortgage call 0800 048 8828.
