Standard variable mortgage holders are advised to remortgage.
If you are on your lender's standard variable rate mortgage you are advised to search the market to find a more competitive offer.
As more lenders announce SVR increases many standard variable mortgage holders are seeking the safety of a fixed rate product.
Standard variable rates are not linked to any reference rate other than that of the lender offering the deal, therefore rates can be increased at will, with little justification. If you are concerned that your rate may rise or you have already been advised of an increase you are recommended to contact Deal Direct, we will source a competitive remortgage rate for you to switch to.
Various lenders hiked their SVRs in May this year, Santander are the latest to announce an increase, its customers have been warned its rate will increase by 0.3% from 03 October.
It is estimated that over 1.2 million mortgage-holders will be impacted by an SVR hike this year and those with equity who are in a position to remortgage are advised to do so.
Remortgage rates are getting more competitive and lenders such as Barclays are launching new lower rate products specifically aimed at those whose rate is to rise.
If you are a variable mortgage rate holder you are advised to act without delay. The best rates tend to be quickly over subscribed and so act now to avoid missing out.
Call Deal Direct and let us beat your current mortgage offer.
