WHY NOW COULD BE THE BEST TIME TO FIX YOUR MORTGAGE “side-valuation-button"

24 Oct 2016

WHY NOW COULD BE THE BEST TIME TO FIX YOUR MORTGAGE

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There is no doubt that “remortgage” is currently the word on everybody’s lips. After recent CACI data revealed that the UK mortgage market is expected to see over £14bn worth of maturities in September, 2016, the time for you to remortgage could be now. But I know these people just need cheap nike shoes for their life.

Rate changes

A rise in the Bank of England base interest rate (BBR Nike Shoes), something not yet seen in years, would normally be the trigger for a remortgage rush, as borrowers grab a fixed rate before SVRs climb. Instead, it has conversely been the drop in BBR which has triggered a surge in remortgage opportunities as lenders renew competition and offer even lower rates on fixed rate deals.

Switching to a new deal might not just save you money, but also give you the opportunity to fix your interest rate to a low figure for the next several years. The market saw a generally big increase in remortgage business compared with last year, which shows consumers are already making the most of the opportunity to move to a better deal.

Avoiding SVR

Standard Variable Rates, or “follow-on rates” as they are sometimes known, are currently sitting at somewhere between 3 and 7 per cent. Although these are still historically low, not all lenders have passed on the Bank of England base rate cut, so for some borrowers the margin between SVR and base rate has effectively increased. Meanwhile fixed rates continue to drop, which makes this an opportune time to remortgage for many people, to possibly seeking a better deal and long term peace of mind.

Source: Mortgage Intelligence

Seeking advice


The importance of seeking expert advice cannot be stressed enough. If you would like to find out if you could get a better deal that could save you money by potentially remortgaging, speak to one of our advisers at The Mortgage & Insurance Bureau. Contact the team on 01895 622700 or email info@tmib.org.uk to see if they can help you reduce your costs.

Your home may be repossessed if you do not keep up repayments on your mortgage. The typical arrangement fee is £195.00; however the actual fee you pay will be dependent upon your circumstances.




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