How will the Euro-zone crisis affect remortgage availability?
There may be concern about whether to remortgage if you are with a bank based in Europe in the current Euro-zone crisis.
This may not be reason to panic but if you can get a better deal then there is a good reason to switch lenders. Call Deal Direct for a mortgage comparison with your current deal and to see if we can save you money.
The effect of the Euro-zone crisis will not necessarily affect European banks any more than any other. For example the Spanish bank Santander has nearly all its savings and lending in the UK. The bank may therefore be less affected by difficulties in the Euro-zone than banks with heavy investment in Europe.
If you are looking to remortgage with Santander, the bank is reported to emphasise it is business as usual. However you may find it more difficult to secure a deal with the lender as the number of products and loans has reduced over the past months. Like many of the larger lenders the criteria for lending has also become more strict.
If any bank or building society were to fail it may be sold. Under new ownership mortgage terms, conditions and liability would most likely remain the same. However a gap in the market for new lending could be created if one of the larger lenders were to fail.
If you are looking to remortgage you may need to act quickly while the best deals are still available in the market. At Deal Direct we are constantly sourcing the latest offers from the whole of market lenders and are well placed to get you the best deals.
Contact Deal Direct today for a personalised mortgage quote.
