Variable mortgage holders are vulnerable to any interest rate rise.
If you are sitting on your lender's standard variable rate mortgage, you run the risk that your rate will be hiked as soon interest rates climb.
As soon as lenders feel squeezed by the rising cost of their mortgage funding, the rates they offer rise. Those locked into a fixed rate deal have little to fear until their existing mortgage ends, however SVR holders are vulnerable to rate fluctuations.
How can you avoid a variable mortgage rate increase?
One of the most obvious ways to avoid a variable rate increase is to remortgage and lock into a cheap fixed rate mortgage.
Why run the risk that your rate will rise when you can lock into a cheap risk free deal right now?
Its no longer true that lenders SVRs offers good value, so you lose nothing by searching the market to switch to a cheaper deal. There is currently intense competition between mortgage lenders trying to attract business, which is great news for those looking to switch.
When looking to remortgage it pays to have professional advice and guidance.
If you do want to compare the rate you are paying against other lenders offers Deal Direct can help.
By contacting one of our impartial advisers you can be sure that you know about the very best deals that are available. We can source a competitive rate for you to switch to.
Speak to an adviser today on 0800 048 8828 and let us find you a cheaper option than your lender's SVR.
Call us free on 0800 048 8828
