Call: 01628 507477
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.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There will be no fee for Mortgage Advice. There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, but we estimate it to be between £399 and £599.
Mortgage Required Ltd, Finance House, 5 Bath Road, Maidenhead, SL6 4AQ is authorised and regulated by the Financial Conduct Authority reference 573718 at www.fca.org.uk.
The Financial Ombudsman Service is an agency for arbitrating on unresolved complaints between regulated firms and their clients. More detail can be found on their website: www.financial-ombudsman.org.uk
Call: 01628 507477