Ending of record-low remortgage rates causes a rush to switch.
After a decade of record-low remortgage rates, the widely expected increase in the Base Rate resulted in a rush to switch deals.
Home-owners have demonstrated high levels of interest in switching to more affordable mortgages all year, but market analysts reported that the third quarter was especially busy.
The rush has seen the soaring popularity of fixed-term remortgages as borrowers sought to safeguard their pocket from the effects of a rise in the base rate. 2, 3, 5 and 10 years fixed rate deals have all experienced a surge in demand with the most popular period being the 5-year option.
After the increase was made public by the Bank of England at the beginning of November, all the big high street lenders were quick to respond. However, not all lenders have followed suit and some of the lesser known mortgage providers have moved in the opposite direction by reducing their rates instead.
These reductions could only last for a limited time though, which is why acting sooner rather than later to secure a new mortgage deal is imperative if you want to save money.
The record-breaking low rate deals may be fast disappearing from the market, but this doesn’t mean you can’t still save money. By contacting Deal Direct to help you source your next mortgage, we’ll commit to acting solely in your best interests by seeking out the most suitable remortgage solution for you from all available UK options.
For impartial UK remortgage advice, call 0800 048 8828.
