Should you remortgage in 2014?

In 2014 it is predicted that UK mortgage rates are likely to rise, putting home-owners not already locked into a deal under financial pressure.

If yours is a household which could be dramatically impacted by rising rates what are your options?

Remortgaging to a cheaper mortgage while rates are low is a sensible way to avoid your household budgeting being stretched.

While it has been shown that rates are far more competitive at higher deposit levels, not all home-owners have 40% equity built up. This however should not prevent you from making a remortgage enquiry as competitive rates remain on offer at all deposit levels.

If your current deal is not due to end you can still switch.

You maybe in the position where the rate you are on is not competitive but you are already locked into a fixed rate deal.

If this is the case check your mortgage offer, do you have an early redemption clause or are you able to switch to a cheaper deal penalty free? If there is no penalty for switching, you are advised to review the market by calling  0800 048 8828 to get yourself a cheaper deal to save money.

If there is an early redemption clause attached to your mortgage is important to find out if it would still work out cheaper to accept the penalty and switch to a lower rate. After making the calculation you may find that overall remortgaging is the better option.

It makes no sense to stay on a deal that is more expensive if it is possible to switch and save money.

If you would like a mortgage expert to find you a better deal to remortgage to you are advised to seek independent 'whole of market' mortgage advice from Deal Direct.

You can speak to one of our mortgage advisers to make a personalised mortgage search on your behalf, or you can make an immediate mortgage comparison by clicking below.

Whatever your remortgaging needs Deal Direct can find you a competitive offer.

Call 0800 048 8828 for advice and a quote.