Mortgage Industry: Prepare for higher interest rates in 2015

There are many parties that have predicted that in the course of 2015, the interest rates on mortgages in UK are likely to go up. This is on account of many factors, including the changes in UK government policies as well as the fact that global economic dynamics are changing. This means that if you currently have a mortgage, it would be a good idea to take a long hard look at how to ensure that you don’t end up suffering in future.

The Benefits of Refinancing

One of the things you can try to do is to re-mortgage your home. This simply means shifting your mortgage to another lender or product that is likely to turn out to be beneficial for you in such a setting. One of the best examples of this is if you currently have a mortgage with a variable interest rate. In such a setting, you can opt to shift to one that has a static one so that you don’t end up having your interest rates increased in the near future. This can end up saving you a lot of money in the long run.

Some Cautions You Need To Keep In Mind 

Before you re-mortgage, however, it’s very important to be very careful about the decisions you make. The process of remortgaging has a huge influence on your finances, and is therefore something that you should not take lightly. Ideally, you should try to get thorough mortgage advice about the pros and cons of every step you plan to take. Once this is done, you will then be better placed to decide on whether this would work for you or not.

All in all, the one thing you need to remember is that in the next few months, mortgage rates in UK and in most parts of the world are likely to go up. It’s therefore important that you be prepared for this.

The Mortgage Advices Services team is ready to assist you with your re-mortgaging plans, feel free to contact our team on 01332 257 087.

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