Where next for UK mortgage rates?
With the announcement of the end of cheap mortgage funding, borrowers are warned to prepare for a mortgage rate hike.
As mortgage-holders have become used to cheap rate deals, for some any mortgage rate increase could lead to financial problems.
If as predicted UK mortgage rates rise in 2014 what could you do to avoid a rate increase?
Home-owners coming to the end of an existing mortgage term who want reassurance and security, should be looking around to find a low rate deal to lock into. Fixed mortgage rates are at their lowest ever level making now a good time to switch deals.
Seek advice when remortgaging.
If you are not on a competitive rate but are only part way through your mortgage term, check your offer to see if you have an early redemption clause. If you don't then it makes sense to have a look to see what low rate mortgages are on offer for your deposit level.
Even if you have an early repayment charge written into your offer, it still makes sense to see what other deals are available and at what rates. It may actually prove more financially beneficial to switch to a cheaper deal in the long run. Depending on the amount of penalty you will pay, you might find yourself better off with another mortgage.
If you would like advice as to what rate you could achieve with your available equity, call an adviser at Deal Direct on 0800 048 8828.
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