TSB is increasing its remortgage rates – will other lenders follow suit?
The remortgage market in the UK is extremely strong at the moment. Borrowers have flocked to refinance, seizing the opportunity to save money on their repayments and secure their outgoings for the next 3, 5 or even 10 years. Many have been motivated by the:
- uncertainty fuelled by Brexit
- uncertainty fuelled by the snap election
- rise in inflation
- rise in energy and food prices
- all-time-low mortgage rates
Although many lenders have been in strong competition with each other by cutting their rates, TSB appears to be bucking the trend and raising theirs, or withdrawing options.
For example, the rate for a 5 year fix for up to 60-75% LTV will rise by 0.05%. However, if you are in the market for a 3 year fixed rate remortgage solution, you’d be out of luck with TSB as they have removed all of their products from this range.
Fortunately, not all lenders are the same and there are many great remortgage deals to be had. Contacting Deal Direct is the first step to securing one of those offers to create a sense of financial certainty for yourself, while the result of the UK election and the terms of Brexit play themselves out.
For more information on low-rate remortgage deals from across the UK, contact Deal Direct.
Call an adviser on 0800 048 8828 now.
