The return of rising mortgage rates.

News of rising mortgage rates is not what mortgage holders want to hear.

Various leading mortgage providers have announced their standard variable mortgage rates will increase. Higher retail and money wholesale funding costs have been given as an explanation.

However not all mortgage providers are increasing their SVRs. The Nationwide are committed to their SVR, their rate will not rise more than 2 per cent above the bank rate for existing customers.

Some of announced increases are reasonably small, however the Bank of Ireland mortgage rate increase was announced at 1.5 per cent which could hit affected mortgage holders hard.

Those of you affected by the increase are recommended to start searching now for a new deal by contacting highly skilled 'whole of market' brokers Deal Direct for a competitive new mortgage offer.

For some mortgage holders the increase in mortgage rates is the last straw, coming on top of rising utility bills, increased rail fares and soaring prices fuel prices.

Rising rates may have more of an impact than first thought. For instance the announced Halifax standard variable rate increase is 0.49 per cent and the rate will rise from 3.5 to 3.99 per cent. This will affect around 850,000 of the lender's 3 million mortgage holders. For those of you with a typical SVR, the monthly increase may be around £16.40 a month. Doesn't sound much? Well remember the larger the loan, the greater the impact.

Here at Deal Direct we see mortgage rates on the rise for the first time in more than three years and for many a cheap remortgage maybe the only way to avoid being affected by rising standard variable rates.

Contact Deal Direct today and we will source for you the cheapest mortgage deal available on the market.