Should you lock into a new mortgage now or wait a bit longer?
Whether you choose to remortgage and lock into a new deal now or wait a few months longer, is really down to how much risk you are willing to take with your finances.
Interest rates are expected to rise and with them mortgage rates, and so by waiting you could end up paying more for your home than you need to. By locking into a low rate deal sooner rather than later you can feel secure should rates begin to rise
Historically low mortgage rates will increase at some point and you don't want to get caught out when this happens. The BoE are now saying the interest rate will rise earlier than expected and so it makes sense to protect yourself while you can still get a cheap deal.
Some banks have begun to increase their interbank borrowing rates and when lenders start to feel an increase in their funding costs these extra charges will be passed on. Home-owners are therefore advised to find a cheap deal while they can, waiting to see if rates will go even lower could be a costly mistake. Failure to act could end up costing you more in the long run.
If you would like a low rate mortgage quote an adviser at Deal Direct can help. We are an independent 'whole of market' broker with access to the cheapest deals on offer.
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or call 0800 048 8828 for a personalised quote.
