Fixed rate re-mortgaging; life after Brexit



It was inevitable that if Britain voted to leave the EU, there would be a direct effect on the mortgage market. Sure enough, by the time the dust had settled immediately following the leave vote, the mortgage market took a hit and slumped.

However, in recent news it has been reported that the mortgage market, and particularly re-mortgaging, has bounced back; so now could be the perfect time to get involved if you have been thinking of re-mortgaging your property for a while.

Fixed mortgage rates have been gradually decreasing for the past couple of years and are now at a record low which means that you could save a lot of money provided you find the right re-mortgage deal. The latest figures show that 2 year fixed rates have fallen to 2.34% and that 5 year fixed rates have fallen to 2.98% so it's now cheaper than ever to guarantee your repayments.

There is a desire in the market today to attract more fixed rate rather than variable rate customers to decrease the risk of payments defaulting, which could go some way to explaining why fixed rates have come down and variable rates have increased slightly. Whilst essentially a variable rate is still the cheaper option, it is fraught with risk and certainly isn't as stable an option as a fixed rate re-mortgage.

So now really could be the time to re-mortgage; figures show that if you are coming to the end of a standard 2 year fixed rate deal and revert back to the standard variable rate, you could be worse off and the rate could increase, rather than if you re-mortgaged to the average 2 year fixed deal where you really could save yourself a small fortune.

If you like the sound of saving money and want further re-mortgaging advice, you can seek help via Mortgage Advice Services. We are a Nottingham based mortgage advice centre and if you give us a call or go to our website, https://www.mortgageadviceservices.co.uk/remortgaging/, one of our expertly trained customer advice representatives will be happy to guide you through your re-mortgaging options.




Labels: , , , , , ,