Seek help from Deal Direct to source a mortgage in 2017.
With so many changes to mortgage regulation, having happened in the last year, it’s become a challenge for even remortgaging home-owners to be accepted for a new deal. This year many UK home-owners have found themselves trapped unable to remortgage without help.
It’s crazy but new affordability rules could leave some mortgage-holders trapped on their lender’s higher SVR. To avoid this happening to you, don’t go it alone, seek our help to find a new deal. Call us on 0800 048 8828.
Remortgaging home-owners now need to prove that they can maintain repayments should interest or mortgage rates rise. While you might be applying for, and be able to afford a new deal at say 3%, an EU directive requires you to be stress checked at a far higher level.
This means that while a new deal could save you money, if you do not have the finance to support a rate of up to 7%, your application will be refused. At this point you’d be switched on to your lender’s SVR, which could be set at a far higher level than you are currently on.
In addition you must remember that SVRs are linked to the base rate, and so as soon as interest rates rise your SVR will too. You will have no control as to how or when this will happen.
Don’t miss out on a remortgage deal that will save you money in 2017, call Deal Direct for a low rate quote now.
Speak to one of our advisers on 0800 048 8828.
