Are you an SVR mortgage-holder concerned your rate is about to be hiked?

According to a recent survey commissioned by the consumer group the Home Owners Alliance, over a third of mortgage holders questioned are afraid of an interest rate rise.

Those who responded to the survey advised they were concerned they would not be able to manage their already stretched budget, if their rate was to increase. In the 25 to 34 year old age bracket over half of those questioned said they would struggle to pay for food, and were likely to fall behind with their mortgage repayments.

With rates predicted to rise, home-owners sitting on their lender's SVR are at particular risk. It is anticipated that SVR holders could be paying more for their home by the end of the year.

CML data shows a massive 67% of mortgage-holders are now on an SVR, which means over two thirds of mortgage holders could soon be charged more for their mortgage by their lender.

If this your situation and you are on an SVR and are concerned about rising rates, you are strongly advised to start searching around now for a cheaper deal to switch to.

Remortgaging to a lower rate makes sense while rates remain at competitive levels. Failure to shop around while you can still get a cheap deal, could mean that you miss out and rates are hiked before you've had the chance to lock into a cheap fixed rate mortgage.

When shopping around you are advised to search every available product on offer at your deposit level, and the best was to do this is to click the red button below to begin an immediate market-wide mortgage search.

Make an online search right now, or call an impartial adviser on 0800 048 8828 for a personalised market-wide comparison.

Contact Deal Direct and let us beat your current lender's offer.