Remortgages 2016 - what can we expect from UK rates?
In 2015 homeowners countrywide benefited from some very low mortgage rates, which enabled many to take out a very cheap home loan. Those already locked into a cheap deal will be protected from rate rises, which are likely to come into effect later this year.
Those who have not yet switched deals, are advised to lock in while they can and remortgage in 2016, as the mood on an interest rate rise has shifted.
Bank of England officials are hinting that the bank rate may have to rise this year. A bank rate rise is something that has been repeatedly hinted at for months, however it is yet to materialise. While this is the case, the one thing we know is once this happens the cost of borrowing will increase and this will not be just in the area of mortgages.
All borrowed money, whether a loan or credit card, will start to cost more. Household budgets will be impacted once this happens, but one area where you can save a chunk of cash from being paid out is in the area of mortgage repayments. If you can find a low rate deal now you can save yourself money as rates climb.
If you want to feel secure that you will not be impacted by rising rates in 2016, lock into a mortgage now.
For advice and a low rate quote call us at Deal Direct on 0800 048 8828.
We can search the entire market comparing all mortgages on a ‘like for like’ basis, to ensure you end up with the one which is most competitive overall.
For impartial 2016 remortgage advice,
speak to a Deal Direct adviser today.
0800 048 8828.
