Remortgaging home-owners – it’s time to act!

• Are you a mortgage holder coming to the end of a fixed term?
• Are you a mortgage holder sitting on your lender's SVR?

If the answer is yes to either of those questions then now is the time to act and remortgage while rates are still competitive.

Over the past week we have seen various lenders introduce rate hikes in reaction to news of an impending interest rate hike. The chances are more lenders will soon follow suit and rates across the board will start to rise.

We are already seeing average fixed mortgage rates increase for the first time in 13 months, which means there is now more reason than ever to act without delay.

There is a widening gap between current SVRs and average mortgage rates of two years ago. This in a nutshell means those approaching the end of a 2 year fixed term, would be wise to heed the warning and lock into another deal while rates are still set low.

At present the average SVR is set at 4.84% which is 1.37% higher than average 2 year mortgage rates were in September 2013. In effect those coming to the end of their 2 year fixed term face a rate hike of 1.37% if they switch to their lender's SVR.

If you want to avoid this hike you should lock in now as at present average 2 year fixed rates are 2.72%, which is in fact a rate reduction of 0.75% on average 2 year rates of 2 years ago.

There are so many reasons to remortgage now, and failure to act could cost you a lot of money in the long run if rates rise as predicted.

To remortgage to a more competitive rate while cheap deals remain on offer call an adviser at Deal Direct.

Call for independent advice and a low rate quote.

0800 048 8828.