With mortgage rates falling now is a good time to remortgage.
Since January this year mortgage rates have been steadily falling. This was predicted to end should the country vote to leave the EU; however it seems that rate increases aren’t likely at present.
According to Moneyfacts, the trend for lower rates is set to continue despite Brexit as lenders are being driven by competition.
This makes now a good time to remortgage as rates are remaining low. If you don’t search the market and instead opt to transfer onto your lender’s SVR you could find yourself paying a lot more than you need to.
Mortgage rates start at just under 1% for a 2 year fix, and SVRs at about 4% going anywhere up to 6%. As you can see from these figures SVRs aren’t competitive, and while you might think it a hassle to switch to a better offer it makes a lot more financial sense.
If you’re coming to the end of an agreed fixed term you really should act and search the market for a better deal. If you don’t have the time or feel daunted by the prospect, enlist the services of a mortgage adviser at Deal Direct.
We are independent and ‘whole of market’ and have access to all lenders’ products market-wide, we can find you a low rate deal to switch.
Find out how much we could save you on your home by calling 0800 048 8828.
