SVR holders consider switching to a safer fixed rate remortgage.
Lenders remortgage products remain competitive. If you are on a rising SVR a review of fixed rate remortgage deals could offer you security and a lower rate to save you money.
Standard variable rates went up in May and increases impacted around 1 million mortgage-holders. Lenders such as ING, Halifax and the Bank of Ireland hiked their rates citing rising funding costs as the reason.
Recently funding costs have significantly fallen and now lenders have access to cheaper borrowing, however despite this fact Santander has recently announced it is to increase its SVR from October.
Santander has warned SVR customers rates will rise by 0.5%, this increase is expected to impact approximately 200,000 mortgage-holders. Those notified are surprised their rate is on the up while all other rates are not.
If you are on your lender's SVR and are concerned your rate could go up, you are advised to search the market through Deal Direct for a cheap fixed rate remortgage.
Fixed rates are currently low and can provide a level of security that SVRs cannot. While your lender can increase your SVR whenever it wants, it cannot do this with a fixed rate.
For a competitive remortgage deal call Deal Direct for a quote. We will review the market to find a fixed rate remortgage to beat your current lender's offer.
Let us save you money on your mortgage.
Call an adviser now for a new low rate deal.
