FSA interest-only rules could impact those looking for UK remortgage rates.
Are you a home-owner looking at UK remortgage rates to try to move from your current lender?
A report from the Financial Services Consumer Panel fears many of us are trapped in mortgages taken out during the so called 'boom years' of 2005 to 2011. To prevent this happening in the future, new FSA rules are due to be introduced in 2013 proposing an end to interest only mortgages.
The proposed changes limit interest only loan approvals, which during the height of the housing boom years accounted for a third of all residential mortgages.
It is suggested that this could trap many current interest-only mortgage holders into their existing mortgage, creating difficulties in switching to deals offering more competitive UK remortgage rates.
You may find your interest only mortgage has left you with a small deposit to remortgage. If you are worried about your remortgaging options contact Deal Direct, our expert brokers have access to the entire UK remortgage market and can help you find a new deal.
We have access to exclusive mortgage deals from lenders and can find a product for you very quickly. We search through hundreds of UK remortgage rates and deals so you don't have the stress.
The FSA estimates that approximately half of all borrowers who took out their mortgages between 2005 and 2011 could be 'mortgage prisoners, so if this is you then get in touch with us at Deal Direct for impartial advice.
