Switch to a fixed rate re-mortgage deal to avoid a rate increase.
Those already on long term fixed rate re-mortgage deals need not presently worry about lenders increasing their SVR rates.
For those not already on a fixed rate deal or coming to the end of a fixed period, now could be the time to look around to compare remortgages.
RBS-Natwest has increased the SVR for two of its mortgage products by 0.25 percent, while the Halifax has raised its SVR by 0.49 percent. Both lenders advise their rate hike is due to increased funding costs.
An RBS spokesperson said that they have absorbed their increased funding costs for as long as possible but now they have decided to pass on part of the increase to their Offset and One Account customers. The spokesperson confirmed the rate increase will come into affect from 01 May this year.
The announced increases are expected to be of concern to thousands of mortgage holders affected by the rate rise.
However, for those on the affected SVRs there is the option to switch deals and remortgage. A longer term fixed rate re-mortgage deal is worth considering. Such fixed rate mortgage deals can offer security for an agreed period during which you will know nothing can affect your mortgage repayment levels.
Here at Deal Direct we are 'whole of market' brokers and are able to find the best fixed rate re-mortgage deals available. For added peace of mind and longer term mortgage security contact our skilled brokers who are up to date on mortgage providers latest offers and lending criteria.
Looking for re-mortgage advice?
Fill in our enquiry form opposite or telephone 0800 048 8828.
