Should those on standard variable rate mortgages review their deal?

Borrowers on lenders standard variable rate mortgages should start to review their current deal now by looking around to compare remortgage products on offer.

The news that Halifax is increasing its standard variable rate mortgages by 0.49 % proves that some mortgage holders may not have to wait for the BOE base rate to increase before mortgage payments start to go up.

As the base rate is expected to remain unchanged for at least 12 months, some mortgage holders may choose to stick with a variable rate option. For those a tracker mortgage deal is a good idea as trackers are directly linked to the base rate and mirror its movement.

Those worried about higher monthly mortgage payments may want to consider looking around for a fixed rate product as this would offer protection against a future rate rise. Various 5 year fixed options are available.

Many mortgage borrowers have become accustomed to lower mortgage repayments and so their finances may be severely affected by a rate increase. With a higher cost of living, many have used the cash freed up by reduced monthly mortgage repayments to bridge the gap for essential outgoings. For these people it is important that they find the best remortgage deal on offer.

For those on lenders standard variable rate mortgages who want to switch, Deal Direct are here to help.

By contacting us you can save yourself the stress of looking for a remortgage deal. We are fully aware of providers lending criteria and are up to date on their latest deals. Let us search the 'whole of market' on your behalf.

Fill in our enquiry form opposite or telephone 0800 048 8828.