Remortgage now or wait?
The question on many home-owners’ lips is - should I lock into a fixed rate mortgage now before UK rates rise?
At Deal Direct we would advise searching the market to find a low rate offer while rates are set so low. Switching to a cheap offer makes sense as by locking in now you can protect yourself against a rate rise. Mortgage rates have never been so low, and most analysts predict they are unlikely to go lower.
When looking for a deal check all available mortgages on a like for like basis, to ensure you end up with the one which is most competitive overall. In general, it is true to say that the lower the rate the higher the fee you will be pay. Also the more equity you have the better the rate you can achieve will be.
If you are a mortgage holder coming to the end of a fixed rate term, you are advised to shop around to switch to a new low rate offer, and not revert to your lender’s standard variable rate. SVRs are set higher than average fixed rates and will cost you so much more every month.
If you would like to discuss remortgaging to switch to a lower rate or release equity, call us at Deal Direct for advice and a quote.
Call us today on 0800 048 8828.
