Mortgage Rates On Their Way Up - But Don't Be Panicked Into Remortgaging Without Considering Your Options!
With last weeks increase in the Base Rate, mortgage rates are once again on the move. And with many commentators predicting further rises to come there could be more bad news on its way for hard pressed homeowners.
The initial reaction for many people will be to look at remortgaging in order to take advantage of a new fixed rate deal that will protect against further rises. Indeed, the mortgage industry as a whole will be spending a lot of time and money trying to capture your business. For them a rate increase can be good news as it generates activity in the market. |
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But before you are persuaded to take that attractive fixed rate deal being offered by your local broker or high street bank its worth talking to your existing lender to see what they can offer.
Over the last year there has been a noticeable shift in lenders attitudes to their existing borrowers with many now trying much harder to retain their existing customers. It seems that many lenders have suddenly woken up to the fact that it is costly to constantly chase new customers whilst watching their existing loyal borrowers being welcomed with open arms by a competitor.
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Typical 15.9%
