Why review remortgage rates?
All mortgage-holders are recommended to review remortgage rates on a regular basis. By making a regular product review you constantly ensure that you are on the most competitive deal available.
Pre-credit crisis it was generally the case that home-owners regularly reviewed remortgage rates, switching to whichever was the best deal on offer.
Once the base rate dropped to 0.5% and mortgage rates fell to historically low levels, those home-owners already on cheap deals considered it no longer necessary.
During this period lenders SVRs which were the default deal of choice, were extremely cheap. However since mortgage funding costs have increased lenders SVRs have become less competitive.
Mortgage-holders therefore have started to review their options looking for competitive remortgage rates.
If you are looking at remortgaging then be warned rates are expected to rise further over the summer months. The deals that are currently available may not be on offer in 2 months time therefore you are recommended to search the market now.
It is important to remember that lenders mortgage offers are valid for a 6 month period so that even if you are not looking to switch deals today, you can source a competitive offer to switch to in the future.
For the most competitive remortgage rates on offer contact Deal Direct.
We will find you a more affordable deal to switch to.
