Remortgaging is set to get more difficult and so switch deals now.
With new EU rules coming into force, transitional arrangements where existing home-owners can switch deals without having an affordability check will come to an end.
When this happens many existing mortgage holders may find themselves trapped on their current deal.
In addition, some lenders are now pulling ‘lowest ever’ deals from their range, as rates start to increase owning a home will get more expensive. The market's lowest ever 5 year fix launched a few weeks ago is now no longer available at 1.99%, the rate is now 2.14%, and so as you can see things are changing.
Of late we have seen the market flooded with highly competitive remortgage deals, however this could be set to end.
In light of increasing rates and an end to transitional remortgage arrangements, you are advised to act without delay if you want to lock into a cheap deal.
Don’t wait to remortgage only to find you can’t, call an adviser at Deal Direct and let us help you switch to a cheaper offer or release equity.
For a low rate remortgage quote call us on 0800 048 8828.
