The UK housing market has had a turbulent time of late, with prices rising, then falling, and now showing signs of being on the increase once more. Following the world economic crisis the lenders were forced to tighten their belts, and mortgages became harder to find. Lately, the interest rates on mortgages and remortgages have hit an all-time low, thanks to the slow resurgence of the economy and the market becoming more buoyant, and this has – in turn – led to benefits for the borrower in the form of lower cost mortgages.
Keeping the Interest Rate Down
The Bank of England is the main driving force behind banks interest rates in the UK and has, over the past few years, kept its rates very low indeed. This in turn influences the mortgage lenders, and the result is better borrowing rates for homeowners. Furthermore, with interest rates considerably lower now than they were just a few years ago, if you have a mortgage that you took out some time ago you may find there are better options available that you could take advantage of .Remortgaging is a popular choice, and one that can result in serious savings on monthly bills.
How to Remortgage
Remortgaging is a sensible choice in many ways: it will save you money across the years, and allows you to take advantage of the lower interest rates that we are seeing throughout the market. The best way to remortgage a home is to find a reputable broker to help you find the best deal. This option has a number of benefits: a broker has the experience and knowledge of the market to know where to look or the right deal for you; they will also b able to get better deals from lenders thanks to their contacts, and more important than anything will take the weight of the search off your shoulders.
Further Benefits of Remortgaging
Having found a broker who knows the market, all you need to do is give them the information they require – the details of your current deal and so on – and they will search the market comprehensively for a deal that allows you to benefit from the amazingly low interest rates we are seeing across the market today. It makes sense to seek the best deal – after all, why remain paying a rate that was decent when you agreed to it, but is now much higher than it should be?
If you need more info please visit us @ www.mortgageadviceservices.co.uk or call us on telephone number 01332 257 087 for a free quote today. Labels: fixed rate mortgages, interest rates, mortgage advice, mortgages, the re-mortgage process, whole of market mortgage advisers