Home-owners look for competitive remortgage deals to reduce costs.
Demand for remortgage deals is increasing as more lenders increase their mortgage rates and tighten their criteria.
Regardless of the BoE base rate remaining at its historic 0.5% low and calls for the IMF to reduce it further, mortgage costs for many home-owners are increasing.
It is believed that for those home-owners already under financial pressure due to the rising cost of living, any increase to their mortgage repayment could push them over the financial edge.
UK mortgage rates began to climb earlier in the year which began when lenders announced an increase to their SVRs.
Some have been fortunate to source good remortgage deals enabling them to switch to a more affordable lower cost mortgage, however not all home-owners are likely to be fortunate enough to do this.
Lending criteria is tightening and for those who have little equity, sourcing a lower price alternative may be challenging. For those with 5% or 10% deposit stuck on a lender's SVR of around 4%, it is important to realise a rate of 4% is still cheap historically speaking.
However if you are looking to remortgage, you are recommended to take action now as rates are on the increase and could rise higher over the summer months.
By not acting now you could miss out on a competitive offer which could cost you dearly in the long term.
For an up to date comparison of the best remortgage deals on offer contact Deal Direct today.
