Mortgage rate rise insurance? It makes more sense to remortgage!
Mortgage rate rise insurance is something new offered by RateGuard, who advise that they cater for home-owners worried that their mortgage rate might go up. RateGuard sell an insurance policy promising the difference will be paid if mortgage repayments increase.
Have RateGuard created a product to solve a problem that does not exist? They claim that mortgage rate rise insurance is a cheap option for those of you worried about a potential rate rise.
While it is true mortgage rates may increase, the question is - is insurance the best way for you to deal with the issue?
Here at Deal Direct we feel that it may well be pointless to pay insurance costs when all you need to do is switch to a fixed rate deal. Fixed rate mortgage deals are chosen by those of you who want to know, regardless of what happens to the economy, your monthly mortgage payments will not increase.
Many lenders are now offering competitive 5 year fixed rate mortgage deals and more 10 year fixed products are emerging in response to the demand shown for the Norwich & Peterborough 10 year product, which was quickly over subscribed.
Rather than taking out mortgage rate rise insurance it makes far more sense for you to remortgage now while great lender deals are available.
Deal Direct are familiar with different remortgage providers lending criteria and we are best placed to source you a competitive deal.
