Protecting yourself from a mortgage rate hike should be a priority.

During periods of economic uncertainty, it’s crucial to act and insure yourself from any potential increase in rates. 

It’s likely that the UK will face a period of uncertainty until the true financial impact of Brexit is known. It could take a long while before things become clear. It’s predicted that the BoE will take measures to stabilise the economy such as reducing the bank rate below 0.5%, with some predicting that it could go down to 0%.

At this point it’s too early to call which way things will go, and whether lenders will start to hike rates. What happens with mortgage rates will depend on the money markets and the rate lenders end up borrowing at. With our credit rating being downgraded the cost of lending may well increase.

If you are concerned what the impact of rising rates could have on your household expenses, then review your mortgage offer and shop around for a better deal.

All mortgage holders should make a regular review of the market to see if they could switch to a better deal to save money, and now this is more important than ever.

If you want to protect yourself from a rate hike, then contact us at Deal Direct as we can review products on your behalf. We can compare all deals at your equity level on a like-for-like basis, to ensure you end up with the one which is best overall.

If you’re risk adverse, then a longer term deal over 5 years might be the best way to go. If you would like to review fixed rate options, or would like to consider a tracker deal now that the BoE rate might fall below 0.5%, call 0800 048 8828.

Speak to a Deal Direct adviser to discuss your remortgaging options. We offer free no-obligation remortgage advice, and only recommend products that are in your best interest. We act solely on your behalf and not in the interest of the lender to make sure your home-ownership remains affordable. 

Call 0800 048 8828 for mortgage advice and a free whole-of-market search.