Lenders best remortgage deals could defuse the UK interest only time bomb.

Deal Direct believe that lenders best remortgage deals could help many interest only borrowers to move on from being trapped in their current deal.

For several years lenders approved interest-only mortgages for borrowers looking for the cheapest deals. Many home-owners took on such deals with little thought of how the capital was to be repaid at the end of the term. With a booming property market many believed the equity built up would be sufficient to repay the loan leaving enough to move on to a new property, it was believed that this was an adequate repayment vehicle.

However with lenders tightening their criteria many who took out such mortgages fear this decision could now blow up in their face. Hundreds of thousands of interest-only mortgage holders approaching their in their fifties could now be forced to sell their home.

It is becoming apparent that perhaps those who remain on their existing interest only deal, could reach retirement to find they cannot extend their mortgage. Those in this position should contact Deal Direct today for details of the lenders best remortgage deals on offer.

Those lenders who have brought in an interest only criteria change are in general allowing borrowers a penalty free switch. However to source the best remortgage deals currently available the advice is to contact one of Deal Direct's independent 'whole of market' advisers.

Lending criteria regularly changes and our advisers have their finger on the mortgage market pulse. You may not know which are most competitive remortgage deals for home-owners in their fifties but we certainly do.

If you are looking for the best remortgage deals available in the UK contact one of our advisers today.