A tracker remortgage may offer a good deal.
A tracker remortgage option may be worth considering if you are now on your lenders standard variable rate.
Council of Mortgage Lenders figures reveal many mortgage holders initial fixed rate or tracker deals have ended, meaning that around a million home owners have now reverted to their lender's standard variable rates.
If you have been advised about changes to your standard variable rate or tracker, check your mortgage contract to see how this will affect you. If you need advice contact Deal Direct we may be able to source you an alternative deal that could save you money.
Manchester Building Society customers are learning that a tracker deal does not necessarily protect you from rate increases. The lender can use a clause which means that after 5 years, 12 months notice can be given for rates rises that are not linked to a base rate.
It has been reported that the building society will raise rates for some of its tracker deals by as much as 1.5% in spite of the consistently low base rate. If you have a Manchester Building Society tracker, remortgage options could provide you with a better rate. While mortgage rates have started to slowly increase there are still some great deals to be had.
If you are looking for a fixed rate or tracker remortgage product, Deal Direct can source a wide range of deals from throughout the mortgage market. Our advisers can guide you through all the aspects of your mortgage and give you impartial advice to help you understand the detail and choose the best deal.
