According to LMS, many home owners have moved to fix their mortgage rate ahead of an interest rate raise that is anticipated to happen in May. Fixed rate deals are proving popular as home owners look to protect their monthly repayments by locking into a new deal.
The data from LMS shows the number of remortgage deals rose suddenly after the Bank of England increased interest rates for the first time in a decade. In fact, the data shows that the number of remortgages leapt by more than a third in December to almost 40,000 from 28,400 in the previous year.
What does this mean for home owners
Adam Nanson, independent mortgage broker from Your Mortgage Expert, comments:
“The trend for people to fix their mortgage rates seems to be one that is continuing in 2018. And, certainly, we are finding a large number of our customers are choosing fixed rate mortgages as they look to keep their monthly payments low, with both 2 year and 5 year fixed rate deals proving popular.
“Whether the Bank of England decides to increase interest rates in May remains to be seen. However, we always advise our clients to review their mortgage when their current deal comes to an end, as often, a fixed rate mortgage has lower repayments than a standard variable.”
How Your Mortgage Expert can help
Adam Nanson continues:
“If people are worried about their mortgage interest rate, we would really encourage them to speak to their mortgage broker to confirm whether they remain on the most suitable mortgage product for them. We will take time to review your situation to establish whether you could be paying too much, whether you would save money by switching to an alternative product and whether any fees would be payable should you do so.”
If you are interested in having a no obligation chat about your mortgage, why not get in touch? We don’t charge anything up front, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.
Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.
The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
YOU MAY NEED TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
Please note, by clicking on the link below you will be departing from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site.