House Owners Thinking Remortgage Still Have Time to Secure a Low Rate
Time could be running out for many houseowners to grab a lower rate deal, according to many housing experts. Lenders have begun pulling their best rate deals in preparation for what is expected to be a rise in the country’s base rate. The current rate is at a historical low 0.25% and many expect the rate to increase to at least 0.5%. This could mean an increase of several pounds on the current cost of the monthly mortgage payment.
Homeowners who are awaiting more news and direction for the position to take regarding the home mortgage have been warned. It could now be too late for some property owners to obtain a super low rate deal.
There are however many lenders who are holding on to deals which can still save money immediately. It is quite important to remember these deals will not be around forever and could change in the coming days.
For those homeowners still waiting to apply for a remortgage, housing experts are putting the message out loud and clear. They suggest preparing all the necessary information as soon as possible and make the move to remortgage.
So far, interest rates have not officially changed. That is good news for all those who have not yet made a decision. There is still time. Lenders are now already paying more for swap rates. This is the interest rate banks pay on money which they lend to each other. This increase is a prime indicator that the base rate will likely increase soon.