What new mortgage deal should SVR holders go for?

Standard variable rate mortgage holders on rates of 4% and above are being advised to look for a better offer through Deal Direct.

SVR holders with a reasonable level of equity could consider an early repayment charge free, fee free lifetime tracker mortgage deal. Unless you have a Nationwide or C&G deal that guarantees your rate will be capped at a certain level above base rate, you should seriously think about moving as there are more competitive products on offer.

Currently 5 year fixed rates and lifetime trackers are competitively priced, both product types offer good mortgage rates and a level of security over the medium term.

In comparison shorter terms of 2 and 3 years offer slightly lower rates, however with short term products the need to remortgage more often means more arrangement fees may be incurred, which could negate the benefit of a lower rate over the longer term.

For those with a deposit of 25% and above, a low rate 5 year fix can be achieved at 4% or below and for a cheap lifetime tracker a rate of around 3% can be achieved.

When looking at any mortgage offers expert guidance is a must. Deal Direct can help you work through the small print. Are there an early repayment charges, are the arrangement fees high and does the product come with any costs reducing incentives are among the questions you should be asking.

Deal Direct are an independent broker who will search the market to come up with mortgage quotes that are personalised to your needs. We only recommend the right products which are most affordable and fitted to your financial circumstances.

For the cheapest mortgage quote contact Deal Direct today.