There are currently a variety of comments in the market suggesting that The Bank of England Base rate might double from an historically low 0.5% to 1% by the end of 2018.
Whilst predicting the future is a precarious business it is worth noting that The Base Rate has been rumbling along at next to nothing for a decade now and at some point rises are inevitable.
With many borrowers on fixed interest rates that are due to mature this year and next it is certainly worth considering your options now, before all lenders remove their best deals from the market. Many borrowers will be on low ‘teaser’ rates but a lender’s SVR (Standard Variable Rate) currently averaging at about 4.75%, with some lender’s SVRs as high as 5.99%!
With initial 18 month fixed rates still available at around 1% at the time of writing, consideration of your remortgage options now would be prudent.
When considering options here make sure you allow for the whole cost including redemption, penalty and arrangement charges and associated professional fees. This is sometimes difficult to do which is why we use software to ‘crunch the numbers’ on your behalf and best advise on the most cost-effective option for 2018 and beyond.
For more information contact us or speak to a mortgage adviser on 01628 507477.
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