With a standard variable mortgage rate rise – should you stick or switch?
The dilemma for many home-owners with an increased standard variable mortgage rate is whether to remortgage and switch deals.
There are competitive remortgage deals available but your personal circumstance will influence whether a switch is possible. Remortgaging to achieve a better rate is advisable for those with a good level of equity and an SVR of 4.0% and above.
A second UK recession has been confirmed and many mortgage-holders have little surplus cash available to cover any mortgage increase.
Average standard variable mortgage rates have risen by 0.62 percent which is a monthly increase of £52.58 for a £150,000 mortgage. If your monthly budget is unable to bear this increase act now by calling Deal Direct, we are an independent 'whole of market' broker who can source a more competitive deal for you.
Mortgage rates are going up and not down and failure to act now could cost you dearly in the long run. Why pay more for your home when there are better deals to be had?
When reviewing all of the products available for a switch from a variable mortgage rate, we consider far more than just the headline rate.
The cost effectiveness of a deal is now as equally affected by arrangement fees, early repayment charges and changing lending criteria as it is by the initial rate. Deal Direct look at all factors when sourcing and choosing the product we believe to be best suited to you.
Contact a Deal Direct adviser for a mortgage market comparison today.
