Should you remortgage now or wait see if the base rate falls again?
We have seen a recent round of rate cuts from lenders such as Nationwide, who have just released a 5 year fix at 1.99%. The base rate was cut last month and there are predictions that it could fall again before long.
The question many home-owners want an answer to is – should they remortgage now or wait to see if rates will fall further?
Economists are suggesting that the base rate will fall further, but they are also predicting that it’s likely mortgage rates may not get much lower. This means if you are holding off from switching deals you could be waiting for no reason.
Those on higher rates such as lenders’ SVRs, could find waiting to switch an expensive decision. With average SVRs set at 4.71%, there are far cheaper deals on offer out there. Each month you remain on your current deal and pay more for your home, is a month lost where you could be saving money.
If you want to remortgage then act now and contact us at Deal Direct. We are specialist independent remortgage brokers with access to the lowest rates market-wide.
In addition to being able to source products from mainstream high street lenders, we also have access to more specialised niche lenders who underwrite on a case by case basis.
If you would like to find out what rates are on offer at your equity level, and how much we could save you on your home, call us on 0800 048 8828.
Speak to an adviser for free no-obligation advice today.
0800 048 8828.
