Are you prepared for a rise in interest rates? They can only go UP!

The Bank Of England Base Rate is at an all-time low
If you are planning to remortgage your home but are doubtful about whether to go ahead right now or wait, you should carefully consider the issue of interest rates. Although some people predict that the Greek crisis is now over and things in Europe are going back to normal, the truth is that it is far from over. What many fail to look at is the history of Greece – it has continually defaulted on debt in the past. It has been issued many bailouts, many promises have been made but not much has changed.

The economy is the best predictor of what is to come. Unemployment alone is crippling – one out of every four people is unemployed. That is one of the highest rates in the world. Brain drain is crippling the country; most of those who are well educated and can help contribute to recovery in the country have left for greener pastures. Manufacturing is at an all time low. The government has to borrow to pay its workers. What do all these things tell us? That most likely, things will get worse before they get better in Greece.

What does this mean for you and your plans to remortgage? That you should do it sooner rather than later. When the situation in Greece comes to a head once more, interest rates will rise and if you wait, you may end up paying rates higher than you would have if you took out your remortgage now. The global economy is also shifting. Manufacturing in China is at an all time low and stock prices have been falling sharply. Although some predict that this should not affect things anywhere else, the whole world is heavily reliant on China’s manufacturing sector and there is no way to know which way things will go. No one saw the previous crisis coming and maybe no one will see the next one. If you are going to remortgage the best time to do it would be now.

To get the best rates, you should use a mortgage consultant such as Mortgage Advice Services. They are one of the leading companies in the UK when it comes to getting people the best remortgage rates. They are so good at what they do because they know all the major and minor lenders in the industry. They will be able to get a remortgage that you can afford. You can get more information by calling them on 01332 257 087 or visiting their website, http://www.mortgageadviceservices.co.uk/remortgage.htm.

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