Competitive remortgage deals are still on offer despite rising rates.

Competitive remortgage deals offered through independent mortgage broker Deal Direct, are helping home-owners reduce their monthly costs.

As lenders SVR increases hit home, mortgage-holders are choosing to vote with their feet and switch deals.

The rate increases announced have brought lenders SVRs up to 4.0% and above. However despite rising rates there are still competitive remortgage deals available that are worth switching to.

When RBS / Natwest made their SVR increase announcement early this March, followed quickly by a similar announcement by the Halifax, it was thought the floodgates would open and more UK lenders would soon follow suit.

This happened as predicted and by 01 May over a million customers found themselves on higher rates.

Lenders such as the Co-operative, Barclays, Halifax, Santander and RBS/NatWest have now all increased their rates, meaning the average SVR is up by 0.62% which adds an extra £630.96 to the annual cost of a £150,000 mortgage.

It is unfortunately not just standard variable rates that have risen. Average rates for lenders best fixed and tracker deals have also risen by between 0.25% and 0.5% over the past six weeks.

However it remains the case that mortgage rates currently on offer are historically low, but how long this will continue is not clear as more rate increases are expected over the summer months.

With mortgage rates creeping up home-owners looking to cut costs and switch deals, are advised to search out the most competitive remortgage deals on offer through Deal Direct.

Deal Direct will search the entire UK mortgage market to come up with a competitive offer for you.